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The economy added 148,000 jobs in December, but fell short of expectations. Global interest rates, including mortgage rates, moved higher. Wages also increased, a positive indication for home prices and purchase activity.
As we look forward to the new year and where interest rates may be headed, it’s important to remember that each of the last few years were billed as the year rates were finally going to soar higher.
The Federal Open Market Committee announced on Wednesday that it will increase the federal funds rate by 25 basis points to a range between 1.25% and 1.5%. This marks the third increase of 2017, with three more rate hikes expected in 2018.
The U.S. Bureau of Labor Statistics released its October jobs report on Friday, revealing an increase of 261,000 jobs.
The 10-year Treasury posted yearly lows recently and mortgage rates followed suit.
For service members and military veterans, a VA mortgage offers a number of appealing perks when purchasing a new home!
For people with lower credit scores living in rural areas, a USDA home loan is a great way to become a new homeowner!
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