RealPage Economy Express Episode 39

by   Arben Skivjani
  Posted   November 15, 2024
  in   Economy Express ,   Insights

Episode 39: The Fed lowered its benchmark rate, fueling an increase in mortgage applications.

  • Labor strikes and Hurricanes Helene and Milton hindered employment growth, and the U.S. job market showed little movement in October.
  • The Bureau of Labor Statistics reported just 12,000 jobs were added to payrolls, holding the unemployment rate steady at 4.1%.
  • After easing for six months, inflation inched up slightly in October.
  • The Consumer Price Index for All Urban Consumers measured by the Bureau of Labor Statistics rose 0.2% in October and 2.6% in the past year, driven by shelter costs.
  • The Federal Reserve lowered its benchmark rate by a quarter point, providing potential relief in mortgage rates, auto loans and credit card interest rates.
  • Mortgage applications increased by 0.5% for the week-ending November 8. Mortgage rates reached 6.86% for a 30-year fixed-rate mortgage.
  • Construction spending reached $2.15 trillion in September, up slightly from August.
  • Residential construction edged up 0.2%, while nonresidential construction saw a small decline. Public construction spending increased, especially in educational and highway projects.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.

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