Mortgage Market News

The job market received some good news today as the number of job openings climbed to the highest level in 14 years in July. The Labor Department announced that its JOLTS (Job Openings and Labor Turnover Survey) showed that there were 5.75 million job openings in July coming from highly paid professional and business services to service sector jobs and retail trade. However, the labor market seems unable to fill many of the slots, which could eventually lead to an acceleration in wages, which have been stagnant over the past few years.
The Federal Reserve members will meet next week to discuss monetary policy and the direction of the short term Fed Funds Rate. The U.S. economy has been improving, with the expectations split between whether or not the rise in rates will come next week. However, the chief economist at the World Bank said yesterday that the Federal Reserve should wait until the global economy is on surer footing to avoid panic and turmoil in emerging markets. Early in September, Christine Lagarde from the International Monetary Fund said the Fed should not rush to raise rates this month.
Mortgage rates edged higher last week causing a decline in total mortgage loan application volume, reports the Mortgage Bankers Association (MBA). The MBA's Market Composite Index, a measure of total loan application volume, declined 6.2% in the latest week and comes after a big rise in volume in the previous week. The refinance index fell 10%, while the purchase index fell by 1%, which is 41% higher than the same week last year.
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