2020-12-07
Market Movement Week of December 6th

Mortgage rates remained relatively unchanged last week but continued trending near record-breaking lows. Pending home sales fell for the second month in a row. Construction spending increased. Mortgage purchase application submissions rose while refinance submissions decreased. The ADP employment report showed the smallest increase of private-sector jobs in four months. New jobless claims ped for the first time in three weeks and continuing claims ped as well. Nonfarm, private, and manufacturing payrolls all increased at a slower rate than expected. The unemployment rate and the participation rate decreased. Average hourly earnings increased marginally while the average workweek remained unchanged.

MORTGAGE RATES CURRENTLY TRENDING

THIS WEEK'S POTENTIAL VOLATILITY

  • CMG Financial’s Paul Akinmade Recognized as 2020 HousingWire Tech Trendsetter. Read Now >>
  • FHFA extends foreclosure and eviction moratorium to 1/21. Read Now >>
  • How is the pandemic affecting home sales? Watch Now >>

  • In October, pending home sales ped 1.1% after a 2.2% decline in September. However, pending home sales are still up 20% annually.

  • Construction spending rose 1.3% in October at a seasonally adjusted, annual rate of $1.44 trillion. In September, spending was revised to a 0.5% decline instead of a 0.3% gain. Residential spending rose 2.9% in October, non-residential spending was unchanged, and public spending increased 1%.
  • For the week ending 11/27, mortgage application submissions had a composite decrease of 0.6%. Though the purchase index rose 9%, the refinance index ped 5%. Annually, however, the number of refinance application submissions was up 102%.
  • Private sector hiring slowed again in November, adding only 307,000 new jobs compared to October’s 404,000. Large companies added just 58,000 jobs to their payrolls, while mid-sized companies added 139,000 jobs, and smaller businesses added 110,000 jobs.
  • For the week ending 11/28, initial jobless claims fell to a seasonally adjusted level of 712,000. Continuing claims fell as well for the week ending 11/21, ping to a seasonally adjusted level of 5.52 million.

  • In November, nonfarm jobs added 245,000 jobs to their payrolls – nearly half of the amount that was expected. Private payrolls increased by 344,000 jobs. Manufacturing payrolls added 27,000 jobs. The unemployment rate edged down to 6.7%. The participation rate also ped slightly – from 61.7% in October to 61.5% in November. The average hourly earnings in November had a 0.3% gain, though year-over-year they remain unchanged. The average workweek still stands at 34.8 hours, as expected.

This week's important economic reports include:
  • Consumer credit
  • MBA applications
  • Job openings
  • Initial jobless claims
  • Continuing jobless claims
  • Consumer price index
  • Consumer sentiment

WEEK OF DECEMBER 7, 2020

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