Did You Know?
The average rate for a 30-year loan was 3.22%, up from 3.11% last week, according to Freddie Mac. A year ago, mortgage rates stood at 2.65%. Mortgage rates are still low by historical standards, and with strong buyer demand for homes, housing economists don’t anticipate an immediate or significant pullback in home sales. The average rate on a 30-year fixed-rate mortgage from 2011 through the end of 2021 was 3.85%, (WSJ)
Private job growth totaled 807,000 for the month, well ahead of the Dow Jones estimate for 375,000 and the November gain of 505,000 according to ADP. Hiring was broad-based, though leisure and hospitality led with 246,000 new positions. Businesses with 500 or more employees accounted for the bulk of the gains in December, adding 389,000 jobs. (CNBC)
If home prices escalate just 2.8% this year (as many predict)and each year thereafter for the next 10 years, home prices could rise about 32% in the next decade.