The Labor Department reports new applications for unemployment benefits fell by by 4,000 to 254,000 last week. Economists expected 250,000. Continuing claims rose by 11,000 to 2.02 million in the week ended December 3.
Freddie Mac reports mortgage rates are moving higher. The 30-year fixed-rate mortgage this week averaged 4.16%, up from last week’s when it averaged 4.13%. A year ago it was 3.97%. The 15-year fixed averaged 3.37%, up from 3.36%. A year ago it was 3.22%.
The National Association of Home Builders said its sentiment index rose to 70, its highest level since July 2005. Economists expected an unchanged reading of 63. The surge in builder confidence is due to a “post-election bounce,” the group said in a statement. “Builders are hopeful that President-elect Trump will follow through on his pledge to cut burdensome regulations that are harming small businesses and housing affordability.”
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
