The 30-year fixed-rate mortgage rose for the third consecutive week.Mortgage rates are inching higher, but prospective home buyers needn’t be too spooked: Rates are still more than one percentage point lower than a year ago.The 30-year fixed-rate mortgage averaged 6.44% this week, Freddie Mac reports. It marks the third consecutive week that rates have risen. Meanwhile, mortgage applications for home purchases dropped 7% in the last week as mor
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Retail sales saw a slight month-over-month drop in September 2024, but year-over-year consumer spending increased.According to the CNBC/NRF Retail Monitor, as interest rates and inflation fell and employment rose, total retail sales, excluding automobiles and gasoline, were down 0.32% seasonally adjusted month-over-month. However, total retail sales grew 0.55% unadjusted year-over-year.These results compare with increases of 0.45% month-over-mont
A mix of hand-crafted materials, beautiful lighting and a vibe of serenity are trending in bathroom design. Sometimes the look comes off as bold, sometimes it’s more subtle. Fixr, a home remodeling website, surveyed about 70 top interior designers and home staging experts to uncover some of the biggest trends in bathroom design. Here’s what topped designers’ lists:Organic Design Organic materials can include wood and stone to channel some e
The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday.Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.With upward revisions from previous months, the report eases conc
Private sector hiring picked up in September, indicating the labor market is holding its ground despite some signs of weakness, payrolls processing firm ADP reported Wednesday.Companies added 143,000 jobs for the month, an acceleration from the upwardly revised 103,000 in August and better than the 128,000 consensus forecast from economists polled by Dow Jones.While hiring increased, the rate of pay growth took another step down. The 12-month gai
U.S. construction spending unexpectedly fell in August amid a sharp drop in outlays on single-family housing projects, but declining borrowing costs could stimulate activity in the months ahead.The Commerce Department's Census Bureau said on Tuesday construction spending dipped 0.1% after a downwardly revised 0.5% drop in July. Economists polled by Reuters had forecast construction spending would edge up 0.1% after a previously reported 0.3% decr
A modest improvement in housing affordability may motivate more home buyers to make a move. Read more from NAR’s latest housing report.Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.The National Association of REALTORS®’ Pending Home Sales Ind
Consumers’ view on the economy tumbled in September, falling by the largest level in more than three years as fears grew about jobs and business conditions, the Conference Board reported Tuesday.The board’s consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104. By contrast, the index had a reading of 132.6 in Febru
One of the most consequential Federal Reserve meetings in recent history has put investors’ focus squarely on one question: whether the central bank has kicked off its rate cutting cycle in time to keep the economy from slowing too rapidly.The Fed delivered a 50 basis point rate cut on Wednesday - lowering borrowing costs for the first time in more than four years - and assured investors the jumbo-sized reduction was a measure to safe
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