Mortgage rates continue to hover at near record lows which have been helping fuel the housing recovery. Last week housing news was dominating the headlines with big jumps in pending home sales and housing starts.
This week the bulk of economic data is on the labor market. Wednesday is the start of the employment report with ADP’s National Employment. Friday’s data includes Non-farm payrolls, the unemployment rate, average earnings, and consumer sentiment. The last employment report from October was a gain of 171,000 jobs, but economists are expecting lower numbers for November.
Now that December has begun we can expect more uncertainty as the fiscal cliff deadline rapidly approaches. The cliff may impact this week’s employment numbers as employers have been reluctant to hire with the looming tax increases and spending cuts. Super storm Sandy will also be affecting hiring this month.
Senior Loan Officer
1st Advantage Mortgage, a Draper and Kramer company