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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses mortgage purchase applications and the ADP National Employment report.
- Mortgage applications were mostly flat during the week ending October 28, posting a slight 0.2 percent rise.
- The Purchase Index advanced 1.8 percent from the prior week. The Refinance index declined 0.2 percent, as interest rates on 30-year fixed mortgages declined to 4.31 percent from 4.33 percent.
- Cash purchases - which have been steady at 30 percent of transactions - were not captured in the data.
- Based on the October ADP National Employment report, nonfarm private business employment increased by 110,000 jobs between September and October. This follows an upwardly revised August figure of 116,000 jobs.
- Employment increased among small (<50 workers) and medium-sized (50-to-499 workers) businesses, and declined in large businesses.
- The ADP figure precedes Friday’s employment report from the Bureau of Labor Statistics, which is expected to show lingering weakness, as state and local government employment continues to contract.
- Employment remains moderate and continues below the pace needed for sustainable economic growth.
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