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2025 labor market holds key for mortgage rates

Housing Wire

This gives us a glimpse of what may happen over the next 10 months for mortgage rates, especially since, since Jan. However, there is a limit to the downside on mortgage rates until the labor market breaks, or we get more than 1% rate cuts from the Fed. This leads us back to the private sector and residential construction jobs.

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Residential construction jobs slowly return

Housing Wire

The construction sector added a total of 31,000 jobs in November, on par with the two prior months. Specialty contractors showed the largest gains with an increase of 13,000 jobs, while persons employed in construction of buildings, and civil and heavy engineering rose by 10,000 and 8,000 jobs, respectively. While this is a 0.4%

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DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. High mortgage rates and home prices quelled the surge in buyer demand, and time seems to have moderated the supply chain shocks.

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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%

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Mortgage rates are falling as the labor market falters

Housing Wire

Job gains in July were most notable in industries like health care (55,000 jobs), transportation and warehousing (14,000 jobs), and construction (25,000 jobs), a positive for the housing industry. Overall, for the past year, the construction sector has added an average of 19,000 jobs per month.

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The Altadena story, from Jackie Robinson’s home to ground zero

Housing Wire

In the 1960s, Black residents werent qualified for mortgages in places like Altadena. The construction of Interstate 210 (aka the Foothill Freeway) through the northwest neighborhoods of Pasadena displaced about 3,000 Black residents in the 1950s. Black residents enacted their own exodus albeit for a different reason.

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Mortgage rates remain steady, rise to 2.81%

Housing Wire

mortgage rate for a 30-year fixed loan remained steady this week, gaining one basis point to 2.81%, Freddie Mac said in a report on Thursday. The average fixed rate for a 15-year mortgage was 2.32%, falling from last week’s 2.33%. The post Mortgage rates remain steady, rise to 2.81% appeared first on HousingWire.

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