The Labor Department reports initial claims for unemployment benefits rose by 10,000 to 249,000 the week ended November 11. That was a six-week high and more than the 235,000 expected by economists. Continuing claims fell by 44,000 to 1.86 million and that’s the lowest number since December 1973.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.95% this week up from last week’s 3.90%. A year ago it was 3.94%. The 15-year fixed averaged 3.31% up from 3.24%. A year ago it was 3.14%.
The National Association of Home Builders’ monthly confidence gauge for November rose two points to 70 and that is its highest level since March and the second-highest reading since the housing bubble of 2005. Economists expected a one-point drop to 67. Readings over 50 signal expansion. Current sales conditions rose two points, but sales over the next six months fell one point. Buyer traffic rose two points.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
