Thanks to Keegan Mortgage, a trusted lender for a number of Sage clients, for this mortgage update:
Interest Rate Cuts May Be Over
Mortgage rates rose Friday after data showed the economy added more jobs than expected last month, a sign of ongoing growth. Unexpected labor market strength could cause mortgage rates to increase as forecasts for growth in the third and fourth quarters will increase.
On Friday the Labor Department said the U.S. added 128,000 jobs last month, more than the 75,000 expected by economists surveyed by WSJ. The agency also revised data from August and September to reflect gains of 95,000 more jobs than had previously been estimated.
Some investors said the data supported expectations that the Federal Reserve would pause cutting interest rates. Fed officials lowered interest rates Wednesday for the third time this year and signaled they think economic growth is strong enough for them to refrain from further moves. Federal-funds futures, which investors use to bet on the path of central bank policy, show the odds of a rate cut by the end of January are less than 40%, compared with 48% Thursday, according to WSJ.
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