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Mark Hemingway

Mortgage Market Update for December 2nd

Wednesday, December 2, 2015 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Private employment grew more than expected in November as the job sector continues to move to greener pastures. The solidifying job market could signal that an interest rate hike is on the table for the Federal Open Market Committee meeting on December 15 - 16. ADP reported that private employment rose by 217,000 in November, above the 185,000 expected and above the 196,000 recorded in October, which was revised higher from the 182,000 originally reported. For a breakdown, small businesses added 81,000 jobs, large companies added 74,000, and midsized added 62,000.

After bankruptcies and bailouts due to the Great Recession, the auto industry has roared back and recorded the highest sales in 14 years and just short of a record in November. Auto sales totaled 1.3 million last month, which was historically a slow month. In recent years, dealerships have joined other retailers in promoting big Black Friday deals. Many car dealers started promoting Black Friday deals as early as Halloween.

The Census Bureau recently reported that homeownership rates remain near a 30-year low in the third quarter of this year. The current homeownership edged up to 63.7% in the July-August-September period, up from 63.4% in the second quarter. That is down from the peak of 69.2% achieved on December 31, 2004. Every 1 percentage point reduction in the homeownership rate represents 1.2 million households that have changed from homeowner status to renter status.

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