Economy added 227,000 positions last month, slightly more than forecast The S&P 500 and Nasdaq Composite rallied and were poised to set new records after data showed hiring rebounded in November.The latest nonfarm payrolls report suggested the labor market remains in decent health—but not strong enough to deter the Federal Reserve from cutting rates later this month.A total of 227,000 positions were created in November, topping expectations
Borrowing costs have fallen to their lowest level in more than a month.The average rate for the 30-year fixed-rate mortgage dialed back to 6.69% this week, falling from 6.81% the previous week, Freddie Mac reported Thursday. It marks the lowest average in more than a month, and the drop was enough to push up mortgage application activity, a gauge of homebuying activity.“The responsiveness of prospective home buyers to even small changes in rate
The Federal Reserve’s preferred inflation measure accelerated in October, helping explain US central bankers’ more cautious approach to interest-rate cuts.Top-line inflation in the euro area also picked up, though price growth excluding food and fuel held steady. European Central Bank officials have signaled a fourth reduction in rates at their final policy meeting of the year.In India, the economy expanded at the slowest rate since the closi
The federal government’s support for homeownership is about to expand as home prices continue to surge and borrowers struggle to buy.Fannie Mae and Freddie Mac, the mortgage guarantors linked to the federal government, will back mortgages up to $806,500 starting in 2025, their regulator said Tuesday. That's an increase of 5.2%. Assuming a down payment of roughly 20%, the most expensive homes financed by those mortgages will cost nearly $1 mill
Rental homes will remain an attractive option next year to would-be homebuyers sidelined by high mortgage rates and rising home prices, analysts say.American Homes 4 Rent and Invitation Homes are two big real estate investment trusts poised to benefit from the trend, say analysts at Mizuho Securities USA and Raymond James & Associates.Their outlooks boil down to a simple thesis: Many Americans will continue to have a difficult time finding a
US consumers had a tougher time accessing credit this year, with applications for auto loans and mortgage refinancing being turned down at the highest rates in more than a decade. Despite largely stable demand, applications for various forms of credit were increasingly rejected in 2024, according to a survey released Monday by the Federal Reserve Bank of New York. Americans also became more pessimistic about their ability to tap credit in th
U.S. single-family homebuilding tumbled in October likely as Hurricanes Helene and Milton depressed activity in the South while permits rose slightly, indicating that an anticipated rebound probably would be muted by higher mortgage rates.The report from the Commerce Department on Tuesday suggested that residential investment, which includes homebuilding, remained subdued at the start of the fourth quarter after contracting in the last two quarte
US banks added to credit reserves in the first half of 2024 to protect against further losses from commercial real estate and some consumer loans, the Federal Reserve said in its twice-yearly supervision and regulation report Friday.The delinquency rate for CRE loans has increased to its highest level in a decade, the Fed noted, jumping to 11% at the large banks in the second quarter of 2024.“The deterioration in CRE loans has so far been mos
Supervisors at the Federal Reserve are most concerned about rising delinquencies and governance issues at U.S. banks, according to the agency's latest supervision and regulation report.The semiannual report, released Friday, highlights the continued weakening of commercial real estate loan portfolios and certain consumer lending products during the second and third quarters of the year. It also shows that the share of large banks that have rec
Buying a home is one of the largest personal and financial decisions you can make. For many buyers, the process includes finding a loan that will help you pay for your new home over time. An agent who is a REALTOR® can help you learn about your options. Here’s what else you need to know:What is a mortgage, and how do I get one? A mortgage is a loan offered by a bank or lender that lets you borrow money to purchase a home and repay over
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