Daily Financial News - Mortgage | Real Estate | Stock Market

Jobless Claims Led Higher by Layoffs in Manufacturing and Construction - This data set tracks new filings for unemployment insurance benefits and the number of Americans who continue to receive state unemployment benefits (called continuing claims or insured unemployment). The fact that this data is released on a weekly basis makes it very appealing to traders and economists as it provides a week over week view into the health of the domestic labor market. Trader's and economists are looking for hints into questions like: Are jobs being created? Are jobs being lost? Does the trend indicate more job losses ahead? Does the trend indicate firms are expanding and hiring more in the process?

Consumers drive output of goods and services in the US. The more workers earn, the more income they have to spend. The more consumers spend the more the economy grows. Because this labor market data has such large implications over the future consumer spending, Jobless Claims are a component of the Leading Economic Indicators.

U.S. Mortgage Rates Rise for Second Consecutive Week - Mortgage rates for 30-year fixed U.S. home loans rose for a second consecutive week, making borrowing more expensive and threatening signs of stabilization in the housing market.
The average 30-year rate climbed to 5 percent from 4.92 percent last week. The 15-year rate increased to 4.43 percent from 4.37 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.

Rising borrowing costs reduced mortgage applications last week. The Mortgage Bankers Association’s index of applications to purchase a home or refinance fell 14 percent and homebuilders broke ground on fewer homes than anticipated in September. A government tax credit for first-time homebuyers is set to expire at the end of November.