Forgotten Your Password?

Need to Register?

Mark Hemingway

Mortgage Market Update for September 5th

Thursday, September 5, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Labor market news continued strong today with private payroll growth surpassing expectations in August. ADP Private Payrolls rose 195,000 last month, well above the 150,000 expected while July was revised lower to 142,000 from 156,000. It was the largest gain in four months. Within the numbers it showed that small business hiring rose 66,000, a four-month high, midsized added 77,000 while large companies added 52,000. The data signals that the market remains strong despite a slowdown in manufacturing.

Home loan rates continued to decline in the latest survey though they may have edged up since the survey numbers were collected. Freddie Mac reports that the 30-year fixed-rate mortgage fell nine basis points to 3.49% with an average 0.5 in points and fees. Freddie Mac says, "Going forward, the combination of low mortgage rates, a tight labor market, and strong consumer confidence will offset declining business sentiment. These factors will set the stage for continued improvement in the housing market heading into the fall."

A recent rental report showed prices increased modestly in September nationally, though prices edged lower in the three top markets that include New York, San Francisco and Boston. Rental prices rose 0.1% for a one-bedroom and 0.5% for a two-bedroom, according the Zumper's National Rent Report. The average median cost for a one-bedroom is at $1,250 while a two-bedroom rose to $1,493. The Zumper National Rent Report analyzes rental data from over 1 million active listings across the country.

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.