Mortgage Market News

Black Knight Financial Services reported on Monday that purchase originations in the second quarter of 2015 were 15% higher than the same quarter in 2014. The data shows that the uptick was driven by high-credit borrowers, or those with a credit score of 700 or above. Early figures show an increase of 11% in the third quarter from a year ago. In addition, 20% of purchase loans originated in the third quarter have gone to borrowers with credit scores below 700.
The October Jobs Report will be released this week on Friday morning where it is expected that U.S. employers added 181,000 new positions last month. The Unemployment Rate is expected to tick higher to 5.2% from 5.1%. The report will be closely watched by traders and investors around the globe to gauge if the world's largest economy can rebound from the low number of jobs created in August and September. From January through July, job growth averaged over 200,000 new jobs per month. October's report will be a key factor in the Federal Reserve's decision to raise its benchmark Federal Funds Interest Rate at its December meeting.
Gas prices at the pump continue to push lower across the nation as the summer driving season ended in September and demand for oil declines. The national average price for a regular gallon of gasoline is at $2.19, down from $2.29 a month ago and down from $2.98 a year ago. Oversupply of oil is also a key factor due to increased oil production here in the states and abroad. Gas prices hit an all time high of $4.11 back in July of 2008.
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