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Mark Hemingway

Mortgage Market Update for September 6th

Saturday, September 7, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Job growth slowed a bit in August though the overall market is still in good shape. The Bureau of Labor Statistics reports that non-farm payrolls rose 130,000 last month, below the 171,000 expected while June and July were revised lower by a total of 20,000. Within the report, the unemployment rate remained at 3.7% while the participation rate, or share of working people in the labor force, rose to 63.2%, up a 1/2 a point in the past year. Lastly, average hourly earnings rose 0.4% versus the 0.2% expected while annual wage growth increased 3.2%. Both were positive numbers.

A recent survey by the Bank of America shows that nearly all homebuyers surveyed are happy they stopped renting. The B of A report read that 93% percent of people who have bought a home are happier because of it, and 83% say they wouldn't go back to renting. Most credit their happiness to an emotional attachment to their home, as well as the improved lifestyle and variety of hobbies that come with owning. The survey went to reveal that a staggering 88% of homeowners agree that buying a home is the best decision they have ever made, and 79% believe that owning a home has changed them for the better.

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