What’s Ahead For Mortgage Rates This Week – September 9th, 2019

What’s Ahead For Mortgage Rates This Week – September 9th, 2019Last week’s economic reports included readings on construction spending, public and private-sector jobs and the national unemployment rate. Weekly reports on mortgage rates and first-time jobless claims were also released.

Construction Spending Rises in August

Construction spending rose 0.10 percent higher than in July according to the Commerce Department. Analysts expected construction spending to increase by 0.60 percent based on June’s reading of -0.70 percent. Construction spending was -2.70 percent lower year-over-year based on revisions to data going back to 2008.

Construction spending was impacted by multiple factors including costs of labor and building materials and inclement weather in some areas of the United States. As peak home buying season winds down to fall and winter, builders are expected to reduce spending. Builder concerns over the impact of tariffs on imported building materials continued to affect builders’ budgets.

Mortgage Rates Fall, Weekly Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; the average rate for 30-year fixed rate mortgages was nine basis points lower at 3.49 percent. Rates for 15-year mortgages were six basis points lower and averaged  3.00 percent.

Rates for 5/1 adjustable rate mortgages averaged 3.30 percent and were one basis point lower. Discount points averaged 0.50 percent for 30-year fixed rate mortgages, 0.60 percent for 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose by 1000 claims to 217,000 new claims filed. Analysts expected 214,000 initial jobless claims based on the prior week’s reading of 216,000 first-time claims filed. No signs of layoffs were indicated in relation to the higher reading for new jobless claims.

The monthly reading for new jobless claims showed 216,250 new claims filed and was higher by 1500 new claims filed. The monthly reading is considered more stable than week-to-week readings for initial jobless claims.

Public and Private-Sector Jobs Reports Mixed, Unemployment Rate Holds Steady

ADP reported 195,000 private-sector jobs added in August. The Commerce Department reported 130,000 public and private sector jobs added; analysts expected 170,000 jobs added in August. The national unemployment rate was unchanged at 3.70 percent.

What’s Ahead

This week’s scheduled economic news includes readings on inflation, retail sales and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – March 25th, 2019

What’s Ahead For Mortgage Rates This Week – March 25th, 2019Last week’s economic news included readings from the National Association of Home Builders, Federal Reserve Federal Open Market Committee and a press conference by Fed Chair Jerome Powell.

Sales of pre-owned homes in February were reported along with weekly readings on mortgage rates and new jobless claims.

NAHB: Builder Confidence Unchanged Despite Headwinds

Home builders remained confident about housing market conditions in March. The NAHB Housing Market Index posted a reading of 62, which matched February’s reading and fell one point short of expectations. NAHB Index readings above 50 represent a positive outlook on housing market conditions.

Home builders continued to face obstacles including high materials costs and lack of buildable lots and labor. Analysts said builders focused on building larger homes, which were not affordable for many prospective buyers.

FOMC: Fed Puts Brakes on Interest Rate Hikes

Monetary policymakers reversed course on raising the target range for federal funds and voted not to raise the current rate range of 2.25 to 2.50 percent. FOMC members cited global economic concerns including Brexit and wavering economic conditions in China.

While the U.S. Labor sector was strong with ongoing jobs and wage growth and low national unemployment, FOMC members said that the Fed could be “patient” about raising rates and did not expect to raise rates in 2019. Slowing economic growth and inflation were reasons for holding interest rates steady.

Fed Chair Jerome Powell described the current economy as “good” and said that the Fed would gradually roll back its accommodative purchase of treasury bonds. This news was likely to cause yields on 10-year Treasury notes to fall; this would cause mortgage rates to fall due to their connection with 10-year Treasury notes.

Pre-Owned Home Sales Hit 11 Month High in February

The National Association of Realtors® reported 5.50 million sales of pre-owned homes on a seasonally-adjusted annual basis. February sales reading fell short of 5.12 million sales expected but were higher than the rate of 4.93 million sales in January.

February’s reading was 11.80 percent higher than January’s sales. The sales pace was 1.80 percent lower year-over-year, but the median sale price of preowned homes was $249,500., which was 3.60 percent higher year-over-year.

First-time buyers accounted for 34 percent of sales; this falls short of the typical 40 percent participation rate for first-time buyers. Affordability and strict mortgage qualification requirements continued to challenge first-time and moderate-income buyers.

Mortgage Rates, New Jobless Claims Fall

Freddie Mac reported lower average rates for fixed rate mortgages. 30-year fixed mortgage rates were three basis points lower and averaged 4.28 percent; Mortgage rates for 15-year fixed rate mortgages averaged 3.71 percent and were five basis points lower on average. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 3.84 percent. Discount points averaged 0.40 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were lower last week with 221,000 new claims filed. Analysts expected 225,000 new claims based on the prior week’s reading of 230,000 new claims filed.

Whats Ahead

This week’s scheduled economic news includes readings on housing starts and building permits issued, new and pending home sales and inflation. Weekly readings on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – March 4th, 2019

What’s Ahead For Mortgage Rates This Week – March 4th, 2019Last week’s economic reports included readings from Case-Shiller Housing Price Indices and Commerce Department reports on housing starts and building permits issued.

Readings on pending home sales and consumer confidence were released along with weekly reports on mortgage rates and initial jobless claims.

Case-Shiller Home Price Growth Slows to Lowest Rate in Four Years

Home prices continued to grow in December but reached their slowest pace since November2014. Seasonally-adjusted annual home price growth reached 4.70 percent in December as compared to growth of 5.10percent year-over-year in November.

Analysts cited high home prices, and slim inventories of available homes, although demand for homes eased in some metro areas. Affordability and accessibility to mortgages sidelined low and moderate-income buyers; some buyers allegedly gave up on buying homes.

Building more homes is necessary for relieving the housing shortage; real estate pros, mortgage lenders and home buyers rely on home builders to provide enough housing for first-time buyers and existing homeowners to transition from renting to owning and for existing homeowners to move up to aspirational homes. 

Housing starts fell short of expectations in December with a seasonally-adjusted annual rate of 1.078 million starts. Analysts expected 1.28 million starts based on November’s reading of 1.214 million housing starts. Construction was affected by winter weather and higher costs for building materials.

Pending Home Sales Rise in January

Pending home sales increased in January; sales with signed purchase contracts rose 4.6- percent as compared to December’s negative year-over-year reading of -2.30 percent. The National Association of Realtors® said that all four U.S. regions reported higher readings for pending home sales. The Northeast reported 1.60 percent more pending sales, Midwest and Southern regions reported increases of 2.80 percent and 8.90 percent, and the Western region reported 0.30 percent more pending home sales.

Mortgage Rates, Hold Steady New Jobless Claims Rise

Freddie Mac reported no change in 30-year fixed mortgage rates, which averaged 4.35 percent. The average rate for 15-year fixed rate mortgages dropped one basis point to 3.77 percent; mortgage rates for 5/1 adjustable rate mortgages were unchanged at 3.84 percent. Discount points averaged 0.50 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims matched expectations of 225,000 claims filed as compared to 217,000 first-time claims filed the prior week. The University of Michigan Consumer Confidence Index rose to an index reading of 131.4 and exceeded the expected reading of 124.7.

January’s reading was 121.7. Rising consumer confidence may compel would-be home buyers to enter the housing market during peak buying season in spring and summer.

Whats Ahead

This week’s scheduled economic reports include readings on January housing starts, construction spending, and new home sales. Weekly readings on mortgage rates and new jobless claims will be released along with labor-sector reports on public and private sector jobs and the national unemployment rate.

 

What’s Ahead For Mortgage Rates This Week – February 4th, 2019

What’s Ahead For Mortgage Rates This Week – February 4th, 2019Last week’s economic reports included readings new and pending home sales, Case-Shiller housing market indices and consumer sentiment. Weekly reports on mortgage rates and first-time jobless claims were also released.

New Home Sales Rise as Pending Home Sales Fall

Sales of new homes rose 17 percent in November for an eight-month high. Year-to-date sales of new homes were only 2.70 percent higher than for the same period in 2018.New home sales rose to 657,000 sales as compared to expectations of 563,000 sales and November’s reading of 562,000 sales. Analysts cautioned that Commerce Department readings for new home sales are prepared from a slim sampling of sales and are subject to volatility.

Pending home sales slumped in December to a negative reading of -2.20 percent as compared to November’s seasonally-adjusted annual reading of -0.90 percent. Analysts said the dip was likely caused by consumer concerns over the government shutdown and potential future shutdowns.

December’s reading was the twelfth consecutive negative month-to-month reading. Real estate pros and analysts cited ongoing challenges including high home prices and mortgage rates as contributing to fewer contract signings.

In related news, the Federal Reserve’s Federal Open Market Committee elected not to raise the Fed’s target federal funds interest rate range, which is currently 2.25 to 2.50 percent. Domestic and global economic concerns led committee members to pause interest rate hikes.

Case-Shiller reported lower home price growth in November with a year-over-year annual reading of 5.20 percent growth. Las Vegas, Nevada, Seattle Washington and Denver Colorado held the top three spots on the Case-Shiller 20-City Home Price Index.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported slightly higher average mortgage rates last week; 30-year fixed mortgage rates averaged 4.46 percent and were one basis point higher than for the prior week. 15-year fixed mortgage rates averaged 3.89 percent and were also one basis point higher.

The average rate for 5/1 adjustable rate mortgages was six basis points higher at 3.96 percent. Discount points averaged 0;50 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

First-time jobless claims surged last week to 253,000 new claims filed. Analysts attributed the spike in new jobless claims to seasonal quirks that were not expected to last. The four-week rolling average of new jobless claims is considered less volatile and rose by 5,000 new claims to 222,250 initial claims filed.

The University of Michigan released its Consumer Sentiment Index last week; the January index reading of 91.20 was higher than the expected reading of 90.70 but was the lowest since President Trump’s election. December’s index reading was 98.30; analysts blamed the government shutdown on the sudden dip in consumer confidence.

Whats Ahead

This week’s economic news includes the President’s State of the Union speech and speeches by Fed Chairman Jerome Powell. Weekly reports on mortgage rates and new jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – January 28th, 2019

What’s Ahead For Mortgage Rates This Week – January 28th, 2019Last week’s economic news included readings on sales of previously owned homes and weekly readings on average mortgage rates and new jobless claims. A scheduled report on sales of new homes was not available due to the government shutdown.

National Association of Realtors®: Sales of Pre-Owned Homes Lowest in 3 Years

Sales of previously owned homes fell in December and failed to meet expectations. 4.99 million pre-owned homes were sold on a seasonally-adjusted annual basis; analysts predicted 5.10 million sales based on 5.33 million sales in November 2018. December’s reading showed the lowest number of sales since November of 2015.

Sales of previously-owned homes fell 6.40 percent month-to-month and were 10.30 percent lower year-over-year. Inventories of previously-owned homes also slipped in December with a 3.70 months supply of homes as compared to 3.90 months supply of available homes in November. Real estate pros consider six months supply of homes for sale as an average inventor.

Real estate pros said that lower buyer traffic in all regions of the U.S. could indicate less interest from buyers, but on a positive note, fewer buyers also remove the high rates of competition seen in the recent past.

Lower mortgage rates are well-timed for the upcoming spring sales season. Real estate pros were hopeful that lower mortgage rates will hold and entice more buyers into the market.

Mortgage Rates Mixed, New Jobless Claims

Freddie Mac reported no change in average interest rates for fixed rate mortgages. The average rate for 30-year fixed rate mortgages held at 4.45 percent; the average rate for a 15-year fixed rate mortgage was also unchanged at 3.88 percent. Rates for 5/1 adjustable rate mortgages averaged three basis points higher at 3.90 percent. Discount points averaged 0.40 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell to 199,000 new claims filed. Analysts expected 218,000 new claims to be filed based on the prior week’s reading of 212,000 new claims filed. Last week’s reading represented the first time since 1969 that new jobless claims fell below 200,000, but analysts were wary of potential impact of the government shutdown on new jobless claims. The shutdown ended on Friday until February 15, but politicians seemed unenthusiastic about future shutdowns.

Whats Ahead

This week’s scheduled economic reports include Case-Shiller Home Price Indices and readings on pending home sales, construction spending and the post-meeting statement from the Federal Reserve’s Federal Open Market Committee.

Labor sector readings on private and public employment and the national unemployment rate will also be released. Weekly readings on mortgage rates and new jobless claims will be released on schedule.

What’s Ahead For Mortgage Rates This Week – January 7th, 2019

What’s Ahead For Mortgage Rates This Week – January 7th, 2019Last week’s economic reports included Labor Department readings on private and public sector jobs, the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims were also released. Monthly reporting on construction spending was delayed due to the government shutdown.

Public and Private-Sector Jobs Growth Exceeds Expectations

ADP reported 271private sector jobs added in December as compared to 157,000 jobs added in November. Analysts expected 182,000 jobs added for December and said that December’s reading was the highest number of jobs added in almost two years. Large companies added 54,000 jobs, medium sized companies added 129,000 jobs and small companies added 89,000 private-sector jobs.

The Bureau of Labor Statistics reported 312,0000 public and private-sector jobs were added in December, which was more than double November’s reading of 176,000 public and private-sector jobs added. Analysts predicted 182,000 new jobs added for December.

In related news, the national unemployment rose to 3.90 percent from November’s level of 3.70 percent. While the unemployment rate was expected to dip to 3.60 percent, it rose due to more workers seeking jobs. Unemployment rates are determined as a percentage of workers actively seeking employment. A larger pool of people seeking work suggested expanding job opportunities.

Mortgage Rates Fall as New Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as rates for fixed rate mortgage were four basis points lower at 4.51 percent; rates for 15-year fixed rate mortgages averaged 3.99 percent and rates for 5/1 adjustable rate mortgages averaged two basis points lower at 3.99 percent. Discount points averaged 0.40 percent for 30-year fixed rate mortgages, 0.30 percent for 15-year fixed rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages.

In remarks made at the American Economic Association, current Fed Chair Jerome Powell joined former Fed Chairs Janet Yellen and Ben Bernanke to comment about the economy in 2018 and emphasized that Fed policy would be adjusted quickly and flexibly” if economic conditions warrant. All three Fed Chairs expected a slowing of economic growth in 2019, but their overall outlook was positive.

First-time jobless claims rose by 10,000 new claims to 231,000 first-time claims filed. Expectations of 218,000 new claims filed were based on the prior weeks reading of 221,000 new claims filed. The increase in new claims filed was caused in part by holiday season fluctuations and more people actively seeking jobs. Unemployed workers must be actively seeking work to qualify for unemployment benefits.

Whats Ahead

This week’s scheduled economic reports include readings on job openings, minutes of the December meeting of the Fed’s Federal Open Market Committee, and inflation. Weekly readings on mortgage rates and new jobless claims will also be released.

How Will Interest Rates Affect the Market in 2019?

How Will Interest Rates Affect the Market in 2019Forbes and other reputable publications have predicted a continued rise in interest rates over 2019. The initial shock of the Fed’s action caused a slowdown in real estate markets over the final part of 2018. As the shock wears off, experts are divided as to whether more expensive money will continue to translate into lower housing starts and occupancy rates for primary markets.

Many experts believe that the rising 2018 interest rates have not yet baked themselves into the real estate market. They point to past instances of relatively high real estate hikes and the slower uptake into the property market the following year. Proponents of fast action uptake point to a much closer relationship between federal interest rates and the consumer real estate market.

The Edge Of The Housing Affordability Curve

Most consumers were hanging on the edge of housing affordability during the time of low interest rates, this set of experts argues. The second that the Fed raised interest rates, a portion of Millennials immediately became unable to buy a first house or even retain occupancy in more expensive real estate markets such as San Francisco, Los Angeles and New York.

The Fed’s Limited Reach?

The Fed controls short-term rates, but the market controls long-term rates. Over time, these long-term interest rates will be much more influential on how the real estate market will perform over the next five years. Most experts expect commercial banks to try to hold down long-term interest rates to maintain a balance between supply and demand in new housing starts. They stand to lose money over the next few quarters if they cannot accomplish this. However, the banks may struggle to control long term interest rates due to news of the Fed raising interest rates which may scare some people out of the market.

Millennials and Secondary Markets Run The World

For those who want to draw a trend line moving forward, real estate activity in secondary markets may be a good leading indicator of how the rest of the market will behave. Watching cities such as Nashville, San Diego, San Jose and Dallas may provide insights as to just how many displaced Millennials will be able to access the housing market in the United States over the next few years. This is the core group that will control housing prices in America, so they are definitely the ones to watch in terms of movement.

For up to date financial information, be sure to contact your trusted mortgage professional.

Home Buying Power Remains In Motion Despite Rising Mortgage Rates

Home Buying Power Remains In Motion Depsite Rising Mortgage RatesThe real estate market does not occupy a space outside the laws of physics. As Sir Isaac Newton so aptly theorized, “For every action, there is an equal and opposite reaction.” When applying the English physicist’s Third Law to today’s rising mortgage rates, anticipating the reaction can be valuable information if you are planning to buy or sell a home or commercial property.

At first blush, residential home buyers and commercial property investors might expect the “opposite” reaction to impact buying power negatively. The initial data might lead many to believe that premise.

How Home Buyers Reacted To Rate Hikes

According to Realtor.com, the average cost to American mortgage holders increased by 15.8 percent from Sept. 2017 to Sept. 2018. In dollars, that totaled about $223, reportedly from $1,413 to $1,636 when considered against the median home at $294,900. That so-called reaction seems to indicate a loss of buying power for everyday homeowners.

Naturally, these increases were higher in top real estate markets with New York at $545 increase and Seattle at $533 where the median home costs $529,900 and $550,045 respectively. The top 20 housing markets incurred a total 68 percent of the increases year-over-year. Compounding the reaction to rising rates, many pundits are claiming the Fed’s rate hikes are creating stock market volatility.

All of these numbers seem to indicate a gloomy opposite reaction to mortgage rate increases. Or do they?

Real Estate Market Remains In Motion

Much of that thinking stems from looking at increased costs as if they somehow prohibit home buyers from making purchases. But the very fact that Americans are purchasing homes and paying somewhat higher monthly mortgage premiums indicates people enjoy the required buying power. Yes, rates have increased since the Great Recession, but that was always the plan.

Keep in mind that Newton has a few other applicable laws of physics as well. For example, “A body in motion remains in motion.” The Fed’s decision to finally raise rates was held back by a sluggish recovery. Today’s robust economy has prompted the long overdue interest rate hikes, but they are still quite low.

If, for example, mortgage rate increases resulted in a stagnant housing or commercial real estate market, that might be considered an adverse reaction. However, single-family homes and investment properties are in high demand.

That should indicate that the booming economy has improved buying power ahead of mortgage rate increases. Simply put, Americans seem to be ahead in the real estate game.

For everyday families interested in starter homes, homeowners eyeing a more substantial property or commercial investors looking to get into the market, a smart equal and opposite reaction to rate increases may be to get in quickly and enjoy today’s low rates before the next planned increase.

Be sure to consult with us for your best financing options.

What’s Ahead For Mortgage Rates This Week – October 29th, 2018

What's Ahead For Mortgage Rates This Week - October 29th, 2018Last week’s economic news included readings on sales of new homes and pending home sales. A reading on consumer sentiment was also released along with weekly reports on mortgage rates and new jobless claims.

Sales of New Homes Slide to Near 2 – Year Low

According to Commerce Department readings on new home sales, the pace of sales slipped close to a two-year low in September; new homes sold at a seasonally-adjusted annual pace of 553,000 sales.

September’s reading was 5.50 percent lower than for August and was 13.20 percent lower year-over-year. Analysts expected a reading of 620,000 sales; August’s reading showed an annual pace of 585,000 new homes sold.

Real estate pros reported a 7.10-month supply of available homes, which was a six-year high. A six-month supply of homes for sale is considered a normal inventory in many markets.

Home prices had a median of $320,000 in September, which was 3.50 percent lower year-over-year. Strong demand for homes coupled with limited supplies have caused home prices to rise and buyers to compete with cash-buyers and ever escalating home prices. Rising mortgage rates and few choices of available homes have sidelined moderate and first-time buyers.

Pending Home Sales Rise in September

The National Association of Realtors® reported rising pending home sales, which provided hope for lagging home sales. Pending sales are sales for which a purchase contract is signed but the sale has not yet closed. Pending home sales had an index reading of 104.6 in September as compared to 104.1 in August. No change from August’s reading was expected in September. The pending sales index pending home sales index was one percent lower year-over-year.

Pending sales rose 4.40 percent in the West; The Midwest posted a gain of 1.20 percent and the South posted a negative reading of – 0.40 percent. The South posted a negative reading of -1.40 percent in pending home sales.

Pending home sales are considered a predictor of completed sales and new mortgages.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week. Rates for a 30-year fixed rate mortgage rose one basis point to 4.86 percent; the average rate for a 15-year fixed rate mortgage rose three basis points to 4.29 percent and the average rate for 5/1 adjustable rate mortgages was four basis points higher at 4.14 percent. Discount points averaged 0.50 percent for 30-year fixed rate mortgages, 0.40 percent for 15-year fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose last week to 215,000 new claims filed. Analysts expected no change from the prior week’s reading of 210,000 new claims filed. The University of Michigan reported a dip in its consumer sentiment index for October. September’s reading was adjusted from and index reading of 99 to 100.1. October’s reading was 99.  Lower consumer sentiment was based on stagnant wage growth according to analysts.

Whats Ahead

This week’s scheduled economic news includes readings from Case-Shiller on home prices, Labor sector reports on private and public sector employment and the national unemployment rate.

What’s Ahead For Mortgage Rates This Week – September 10th, 2018

What’s Ahead For Mortgage Rates This Week – September 10th, 2018Last week’s economic news included readings on construction spending, along with public and private-sector jobs growth. The national unemployment rate, weekly reports on mortgage rates and new jobless claims were also released.

Construction Spending Rises in July

July construction spending ticked up to 0.10 percent from June’s negative reading of -0.80 percent. Year-over-year, construction spending was 5.80 percent higher than for July 2017.Public-sector construction accounted for most of the growth and increased by 0.70 percent as private-sector construction projects decreased by -0.10 percent.

Month-to-month spending readings can be volatile, but analysts said that construction spending for the first seven months of 2018 were up 5.20 percent from the same period in 2017. July’s slower spending rate suggested that construction projects are slowing.

Given ongoing shortages of available homes, this is not good news for housing markets. High demand has driven home prices up, but affordability has become an issue in areas where home prices outpace inflation and wage growth.

Mortgage Rates Rise as New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week; the rate for a 30-year fixed rate mortgage rose two basis points to 4.54 percent. Rates for 15-year fixed rate mortgages averaged 3.99 percent and were two basis points higher.

Rates for a 5/1 adjustable rate mortgage averaged eight basis points higher at 3.93 percent. Analysts said that home prices continued to rise as demand for homes softened Higher home prices and mortgage rates sidelined first-time and moderate-income home buyers as slim inventories of homes for sale sidelined buyers who could not find homes they wanted to buy.

First-time jobless claims were lower last week with 213,000 claims filed. Analysts expected 212,000 new claims to be filed based on the prior week’s reading of 213,000 first-time filings. The national unemployment rate held steady at 3.90 percent.

ADP payrolls dropped to 163,000 private-sector jobs in August as compared to 217,000 private-sector jobs added in July. The Commerce Department’s Non-Farm Payrolls reported 201,000 public and private-sector jobs added in August, which fell short of the expected reading of 212,000 jobs added and the prior month’s reading of 213,000 jobs added.

Whats Ahead

This week’s economic readings include reports on inflation, retail sales and the Federal Reserve’s Beige Book report. Weekly readings on mortgage rates and new jobless claims will also be released.