Blog - Deidre Pfeifer

First-Time Homebuyer Checklist For Success When Embarking On The Homebuying Journey

December 20, 2024 by Deidre Pfeifer

Purchasing your first home is an exciting milestone, but it can also feel overwhelming without a clear plan. With so many moving parts, from financial prep to evaluating potential homes, having a comprehensive checklist can help simplify the process. Here’s everything you need to consider to make your home-buying journey smoother and more successful:

1. Get Your Finances in Order

Check Your Credit Score: Lenders rely heavily on your credit score. Aim for a score of 620 or higher to qualify for a conventional loan, though some programs accept lower scores.
Save for a Down Payment: Depending on the type of loan, you may need anywhere from 3% to 20% of the home’s price. Be sure to budget for closing costs and emergency funds.
Get Pre-Approved: A pre-approval letter strengthens your position when making offers. It shows sellers you’re serious and capable of securing financing.
Consider First-Time Buyer Programs: Look into local, state, or national programs designed to assist first-time homebuyers with down payments, tax credits, or low-interest loans.

2. Determine Your Budget

Know Your Monthly Budget: Factor in mortgage payments, taxes, insurance, and potential maintenance costs. Leave room for unexpected expenses!
Factor in the Long-Term: Think about future life changes—do you plan to expand your family? Relocate for a job? Buy with a forward-looking approach.

3. Start the Home Search

List Your Must-Haves vs. Nice-to-Haves: Prioritize things like location, the number of bedrooms, and school district over less critical features like a pool or finished basement.
Work With a Real Estate Agent: Partner with an agent who understands your needs and local market trends, providing valuable insights and helping you find the best options within your budget.

4. Visit Properties & Make a Decision

Attend Open Houses and Viewings: Bring a checklist of what to look for—condition of the roof, HVAC system, foundation, and neighborhood noise levels. Take photos and notes for future reference.
Ask Questions: What’s included in the sale? How old are the appliances? What’s the community like? Knowing the details can help you avoid future surprises.
Look Beyond the Surface: Fresh paint may hide issues. Inspect areas like the basement, attic, and behind large appliances for potential red flags.

5. Seal the Deal

Make an Offer: Your agent will help you craft a strong offer based on comparable properties and market conditions. Be prepared to negotiate!
Schedule an Inspection: A home inspection ensures the property is in good condition. If issues arise, you can request repairs or adjust the offer accordingly.
Close the Deal: Once everything checks out, you’ll finalize your mortgage, sign the paperwork, and receive the keys to your new home! Buying your first home can feel daunting, but by following this checklist, you’ll have the confidence to make informed decisions at every step.

How Younger Homebuyers Can Make A Dream Into Reality

December 19, 2024 by Deidre Pfeifer

For many younger individuals, especially those in Gen Z, the dream of owning a home can feel distant amid rising home prices, mortgage rates, and inflation. With these challenges, it’s easy to wonder if homeownership is truly within reach. While the current housing market may seem daunting, it’s important to know that it’s still possible to become a homeowner with the right strategies and support. With professional guidance, you can navigate the obstacles and achieve your goal of owning a home.

Here are some helpful tips for younger homebuyers to make their dream a reality.

1. Explore Your Options for a Down Payment

For many first-time buyers, the down payment is often the biggest hurdle. The good news is, there are several options available to help with this critical step. In fact, over 2,000 down payment assistance programs exist to make homeownership more achievable. Many younger buyers may not realize that putting 20% down isn’t always necessary. Depending on the type of loan and lender, a lower down payment could be sufficient. Additionally, a significant number of Gen Z homebuyers have received financial support from family members to help with their down payment. Working with a trusted mortgage professional can help you understand how much you’ll really need for a down payment and how you can take advantage of any available assistance programs or gifts.

2. Live with Loved Ones to Boost Your Savings

An increasing number of younger buyers are choosing to move back in with family or friends to boost their savings. By cutting down on housing costs, you can save a larger portion of your income toward your future home. According to Bankrate, 30% of Gen Z homebuyers move directly from living with family to purchasing a home of their own. This strategy helps increase your financial security, allowing you to reach your savings goal faster while benefiting from lower living expenses.

3. Cast a Broad Net for Your Search

Once you’ve saved enough for a down payment, it’s time to start your home search. Given the current challenges in the market, it’s important to broaden your search and remain flexible. Working with a professional real estate agent can help you explore neighborhoods and home types that you might not have initially considered.

4. Take a Close Look at Your Wants and Needs

When it comes to finding your first home, it’s essential to distinguish between what you truly need and what would be nice to have. Your first home doesn’t have to be your forever home. It’s more important to focus on securing a property that allows you to start building equity. Being open-minded and willing to make some compromises on your wish list can make a big difference. Working with a real estate agent will help you prioritize your must-haves and focus on homes that align with your budget and long-term goals. They’ll also explain how buying a home now can eventually lead to moving into your dream home as your equity grows.

While the path to homeownership may not be simple, it is achievable, especially with the right strategies and expert advice. By exploring down payment assistance options, living with loved ones to save more, and being flexible in your home search, you can bring your dream of homeownership closer to reality. Working with experienced professionals will guide you through the process and ensure that your first step into the housing market is a successful one.

Why Checking for Open Permits Is Essential Before Selling Your Home

December 18, 2024 by Deidre Pfeifer

When preparing your home for sale, there’s a checklist of tasks to tackle like decluttering, staging, and perhaps making minor repairs. One item that often gets overlooked, yet is critically important, is checking for open permits on your property. Ignoring this step could lead to unexpected delays, renegotiations, or even jeopardizing your sale entirely. Here’s what you need to know about open permits and why resolving them is vital.

What Are Open Permits?

An open permit occurs when work done on a property hasn’t been fully approved or closed out by the local permitting authority. This can happen if the required inspections weren’t completed or if the work was never officially signed off. Common examples include permits for:

Electrical upgrades
Plumbing work
Additions or structural changes
Roof replacements

These permits are tied to the property, not the homeowner. That means even if the work was done by a previous owner, the responsibility to close the permit falls on you when it’s time to sell.

Why Open Permits Matter

Open permits can pose significant issues during the sale of a home:

Title Problems: Open permits are flagged during the title search process, potentially delaying closing. Buyers, lenders, and insurers may hesitate to proceed without resolution.
Negotiation Leverage: If buyers discover open permits, they may demand the permits be closed, request a reduction in price, or insist on repairs.
Legal Liability: As the current homeowner, you could be held responsible for rectifying issues or bringing unpermitted work up to code.

Being proactive about identifying and addressing open permits can save you from these complications and keep your transaction on track.

How to Check for Open Permits

Contact the Local Building Department: Most municipalities maintain records of permits issued for a property. You can often access this information online or by visiting the office in person.
Hire a Title Company: A title company or attorney can help you uncover open permits as part of the pre-sale process.
Review Home Improvement Records: If you’ve done work on your home, ensure permits were obtained and closed properly. For older homes, review documentation left by previous owners.

Resolving Open Permits

If you discover open permits on your property, here’s how to address them:

Schedule Inspections: Contact your local permitting authority to arrange for an inspection. If the work complies with local codes, the permit can be closed.
Fix Compliance Issues: If the work doesn’t meet code, you may need to hire a licensed contractor to correct the issues.
Pay Outstanding Fees: Some jurisdictions require payment of administrative or inspection fees to close permits.

Resolving open permits might involve some time and cost, but it’s a worthwhile investment. A clean title and compliance with local regulations make your property more appealing to buyers and help avoid last-minute surprises.

How a Real Estate Agent Can Help

Your real estate agent can guide you through this process by:

Recommending local resources, such as contractors or attorneys, to resolve permits.
Advising on how to disclose open or resolved permits to potential buyers.
Strategizing how to market your home effectively, ensuring compliance issues don’t overshadow its appeal.

By taking this proactive step, you’ll show buyers that you’ve taken care of your property responsibly, boosting their confidence in the transaction.

Before listing your home for sale, addressing open permits is a critical step that can prevent delays and reduce the risk of renegotiations. Give us a call to ensure a smoother, more seamless sale process.

Tips for a More Productive and Comfortable Home Office Space

December 17, 2024 by Deidre Pfeifer

As remote work continues to progress, having a well-designed home office is more than just a luxury, it has become a necessity. A thoughtfully created workspace can increase productivity, boost creativity, and promote overall well-being. I have seen how creating a productive environment impacts work-from-home efficiency and comfort. Whether you’re setting up a corner nook or dedicating an entire room, here are six practical ideas to transform your home office into an ideal place to get things done.

1. Pick the Perfect Spot
The location of your home office can greatly affect your ability to concentrate and stay productive. Pick a quiet, well-lit sp ot that minimizes distractions. Ideally, place your desk near a window for natural light, which can elevate your mood and improve focus. Natural light not only reduces eye strain but also promotes a sense of well-being, helping you tackle your workday with renewed energy.

2. Prioritize Ergonomic Comfort
Your comfort shouldn’t be overlooked when setting up your home office. Ergonomic furniture, like a supportive chair and a desk suited to your height, makes a huge difference during long hours of work. Ensure that your computer screen is at eye level to prevent neck strain and consider using an ergonomic keyboard and wrist support. Investing in your comfort will pay off in productivity and physical well-being.

3. Bring in Nature’s Touch
Incorporating greenery into your home office can do wonders for your mental state. Plants not only brighten up your space but have also been shown to boost productivity, reduce stress, and purify the air. Select low-maintenance options like succulents, snake plants, or peace lilies that thrive indoors. Their calming presence can help create an inviting, fresh environment.

4. Make It Personal
One of the joys of a home office is the ability to tailor it to your unique preferences. Personalize your workspace with items that inspire you, such as photos, art pieces, or even motivational quotes. A personalized space can elevate your mood and make work feel more enjoyable, helping you maintain focus and enthusiasm throughout the day.

5. Stay Organized and Declutter
A clutter-free workspace is key to maintaining a clear mind. Invest in shelves, drawers, or file organizers to keep your essentials in order. Less clutter reduces distractions, helps you find what you need quickly, and can enhance your ability to stay focused on important tasks. Regularly tidying up will help maintain a sense of order and productivity.

Designing your home office is about creating a space that goes beyond function—it should energize, inspire, and support your best work. By choosing an ideal location, investing in ergonomic furniture, bringing in natural elements, personalizing your environment, keeping it organized, and optimizing lighting, you can craft a space where productivity and comfort come together effortlessly. As you work from your home office, remember that a well-thought-out design is an investment in your well-being and professional success.

What’s Ahead For Mortgage Rates This Week – December 16th, 2024

December 16, 2024 by Deidre Pfeifer

Last week featured a light release schedule, with the key highlights being the CPI and PPI reports. The CPI has proven to be exactly within expectations, signaling the Federal Reserve should be on track for another planned rate cut. However, this was offset by higher-than-expected PPI inflation. Despite these mixed signals, both indicators show stable trends, and overall inflation appears to be moving toward the Federal Reserve’s target. The Federal Reserve remains committed to reducing inflation until their goal is achieved.

Consumer Price Index

Consumer prices rose in November at the fastest pace in seven months. Still, the latest inflation report is probably not hot enough to sidetrack the Federal Reserve from cutting interest rates again next week. The consumer price index climbed 0.3% last month — in line with Wall Street forecasts — to match the biggest increase since April.

Producer Price Index

The less volatile core measure of the producer-price index rose a scant 0.1% last month, the government said Thursday. That was a tick below the Wall Street forecast. Prices for final demand advanced 3.0% for the 12 months ended in November.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw a decrease of -0.12% with the current rate at 5.84%
• 30-Yr FRM rates saw a decrease of -0.09% with the current rate at 6.60%

MND Rate Index

• 30-Yr FHA rates saw an increase of 0.20% for this week. Current rates at 6.32%
• 30-Yr VA rates saw an increase of 0.20% for this week. Current rates at 6.33%

Jobless Claims

Initial Claims were reported to be 242,000 compared to the expected claims of 220,000. The prior week landed at 224,000.

What’s Ahead

A slightly busier schedule just before the end of the year, with many larger reports including the last of the GDP Estimates, Retail Sales, Manufacturing PMI for the year, Personal Income & Spending, and the last Consumer Sentiment report from the University of Michigan.

How to Buy a Home if You Owe Taxes

December 13, 2024 by Deidre Pfeifer

If you’re considering buying a home while dealing with unpaid taxes, you might be wondering how your tax debt affects your mortgage approval. The good news is, it is possible to buy a home even if you owe taxes. Here’s what you need to know about how owing taxes can impact your homebuying process.

How Owing the IRS Affects Buying a Home

You might not need to wait until your tax debt is completely paid off to apply for a mortgage. It’s important to speak with a loan officer who can guide you through your options based on your specific financial situation. If you’ve been paying off your tax debt through a payment plan, be sure to let your loan officer know and provide supporting documentation and proof of payment.

Getting a Mortgage While You Owe Taxes

While paying off your tax debt isn’t always required before getting a mortgage, there are specific qualifications for mortgages when you have unfiled taxes or a tax lien.

How to Qualify for a Mortgage with Unfiled Taxes

When applying for a mortgage, you’ll need to provide the last two years of your tax returns. If your taxes are unfiled, you’ll need to file an extension with the IRS or your state government to remain eligible.

How to Qualify for a Mortgage with a Tax Lien

A tax lien gives the government a legal claim to your property due to unpaid taxes. Federal and state liens typically need to be paid off before closing to qualify for a mortgage. The IRS releases the lien within 30 days after the tax debt is paid in full.

Exceptions to the Rule

In some cases, exceptions are made for tax liens if you have a payment plan in place. These exceptions depend on the type of loan program.

Conventional Home Loan Requirements

Fannie Mae (FNMA): Requires you to pay off all past-due taxes, including any tax liens, in full before closing. However, Fannie Mae allows installment plans unless there’s a Notice of Federal Tax Lien.
Freddie Mac (FHLMC): If you have a tax lien, Freddie Mac requires it to be paid off or be under a repayment plan for at least three months. Payment history must be documented and included in your debt-to-income ratio.

Government Home Loan Requirements

Government-backed loans (like VA, USDA, and FHA) have more flexibility but still require you to resolve your tax lien situation.

VA and USDA: You must pay off tax liens in full or have a repayment plan for at least three months.
FHA: If your tax liens are delinquent, they must be current or part of a written payment agreement that’s included in your debt-to-income ratio. You’ll need to make at least three months of timely payments.

Does Owing Taxes Affect Mortgage Approval?

Tax debt won’t automatically disqualify you from getting a mortgage, but paying off your debt will increase your chances of approval. If you can’t pay off your tax debt in full, request an installment agreement and ensure you’re making timely payments.

How Single Moms Can Achieve Homeownership with First-Time Homebuyer Grants

December 12, 2024 by Deidre Pfeifer

Owning a home is an important goal for many people, and as a single mom, it can sometimes feel like a distant dream. But the reality is that homeownership is more achievable than you might think, especially when you know about the financial resources and programs available to you. First-time homebuyer grants, special loan programs, and down payment assistance can help you overcome the financial barriers that might otherwise stand in your way. Here’s what single moms should know about these opportunities.

Understanding First-Time Homebuyer Grants

First-time homebuyer grants are specifically designed to help individuals, especially those with low to moderate incomes, purchase their first home. While these grants are not exclusively for single mothers, they are an excellent resource for single-income households. These grants are typically used to cover part of the down payment or closing costs, which can make a significant difference in the affordability of your new home.

It’s important to note that these grants are offered by various federal, state, and local government agencies, as well as nonprofit organizations. Each program has its own set of eligibility requirements, but many are aimed at helping single moms and low-income households achieve homeownership.

Key Steps to Take Toward Homeownership

Connect with a Housing Counselor One of the first steps in your homebuying journey is to connect with a HUD-approved housing counselor. These professionals offer free or low-cost services to help you understand your financial situation and the home-buying process. A housing counselor can guide you through the steps of qualifying for grants and loans, and help you understand your eligibility for down payment assistance programs.
Explore Affordable Loan Programs While there are no specific mortgage programs exclusively for single moms, many loan programs cater to low-to-moderate-income borrowers. These programs often come with more lenient requirements for down payments and credit scores:

FHA Loans: These loans are backed by the Federal Housing Administration and require a low down payment (often as little as 3.5%) and more flexible credit requirements.
USDA Loans: The U.S. Department of Agriculture offers loans that provide 100% financing for homes in rural and suburban areas, making it an excellent choice for families who are looking to live outside of urban centers.
VA Loans: If you’re a veteran or an eligible surviving spouse, VA loans offer incredible benefits, including zero down payment and no private mortgage insurance (PMI) requirements.

Look Into Down Payment Assistance Programs Down payment assistance programs are available in many counties, cities, and states. These programs can help reduce the upfront cost of buying a home. Some programs provide grants that don’t need to be repaid, while others offer low-interest loans or loans that may be forgiven over time, making them especially useful for single moms on a tight budget.
Consider a Cosigner If you’re worried about qualifying for a mortgage based on your income alone, consider adding a cosigner to your loan application. A cosigner is someone who agrees to take responsibility for the loan if you are unable to make the payments. This can increase your purchasing power by including your income and credit score in the lender’s assessment.

Helpful Resources for Single Moms

Several organizations and programs specifically support single moms who are looking to buy a home:

State and Local Programs: Many states offer homebuyer assistance programs that may include grants, tax credits, and loans. Check your state’s housing authority or HUD’s website for a comprehensive list of programs available in your area.
HUD’s Special Programs: The U.S. Department of Housing and Urban Development (HUD) offers programs like the Good Neighbor Next Door (GNND) program, which provides significant discounts for teachers, police officers, firefighters, and other public service workers. If you’re a public housing resident, HUD also offers homeownership opportunities that can make home-buying more affordable.
Habitat for Humanity: This nonprofit organization helps low-income families build and purchase homes with affordable mortgages. In exchange for a low-interest mortgage, families often contribute sweat equity by working alongside volunteers to build their future homes.

As a single mom, achieving homeownership may seem like a big challenge, but with the right resources and support, it’s absolutely within your reach. Start by connecting with a HUD-approved housing counselor, researching first-time homebuyer grants, and exploring down payment assistance programs. The road to homeownership may take time, but the end result is a place to call your own, and is well worth the effort.

Take the first step today to explore your options. You might be closer to owning a home than you think!

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Should You Sell Your Home As-Is or Invest in Repairs?

December 11, 2024 by Deidre Pfeifer

When preparing to sell your home, one critical decision you’ll face is whether to sell it as-is or invest time and money into repairs and updates. The right choice depends on your unique situation, but understanding the implications of each approach can help you make an informed decision.

The Current Market Landscape

According to a study by the National Association of Realtors (NAR), 61% of home sellers completed at least minor repairs before listing their property. On the other hand, 39% opted to sell their homes as-is. This suggests that while many sellers see the value in sprucing up their homes, a significant portion decides against it due to constraints like time, resources, or personal circumstances.

What Does Selling As-Is Mean?

Selling a home as-is indicates that you won’t be making any repairs before the sale, nor will you entertain post-inspection fixes. Essentially, it’s a “what you see is what you get” transaction.

This option offers convenience and can reduce the stress associated with preparing a home for sale. However, it’s important to recognize the trade-offs:

Fewer Buyers: Many buyers seek move-in-ready homes and might shy away from properties requiring immediate repairs or updates.
Lower Offers: Homes in need of work often fetch lower sale prices, as buyers factor in the costs and effort of renovations.
Longer Time on the Market: Limited buyer interest can lead to extended timeframes for selling your property.

That said, today’s market conditions present an interesting opportunity. With affordability challenges and inventory still below historical norms, 56% of buyers surveyed say they’re open to purchasing homes that need work. For these buyers, the chance to customize a home to their liking is worth the effort.

The Benefits of Making Repairs

Homes that are well-maintained and updated tend to attract more interest, sell faster, and command higher prices. Investing in repairs doesn’t mean you have to undergo major renovations. Small updates, such as fresh paint, minor landscaping, or fixing visible issues, can make a big difference.

Here are some common upgrades that deliver a strong return on investment:

Painting walls in neutral colors.
Repairing or replacing worn-out flooring.
Updating light fixtures or faucets.
Enhancing curb appeal with basic landscaping.

These improvements can help your home stand out in a competitive market, appealing to buyers who prefer a turnkey property.

How a Real Estate Agent Can Help

Navigating the decision to sell as-is or after repairs is easier with the guidance of a professional real estate agent. An experienced agent will:

Provide a market analysis to determine how your home compares to similar properties in your area.
Help you understand the potential return on investment for any repairs or upgrades.
Offer insights into buyer preferences and market conditions in your local area.
Strategize an effective marketing plan to highlight your home’s strengths, regardless of its condition.

For homes sold as-is, we will emphasize features like location, size, or layout to ensure buyers see the property’s potential, not just its challenges.

Selling a home as-is or making repairs each comes with advantages and challenges. The right choice depends on your goals, resources, and timeline. To ensure you’re making the best decision for your situation, give us to call so we can provide tailored advice and support. By carefully weighing your options, you can navigate the selling process with confidence.

Top 5 Tips to Efficiently Conserve Heat in Cooler Weather

December 10, 2024 by Deidre Pfeifer

As the temperatures drop, keeping your home warm without drastically increasing your energy costs is a priority for many homeowners. Fortunately, there are simple yet effective strategies that can help you conserve heat while enhancing your home’s energy efficiency. By following these tips, you can maintain a comfortable indoor temperature, reduce your heating bills, and do your part to minimize your environmental impact.

1. Seal Doors and Windows

One of the easiest and most effective ways to conserve heat is by preventing drafts at entry points. Gaps around doors and windows are prime culprits for heat loss, allowing warm air to escape and cold air to enter. Start by applying weatherstripping around doors and windows to create a tight seal. For any noticeable cracks, use caulking to fill in the gaps. This simple step ensures that warm air stays inside and cold air stays out, helping to maintain a consistent temperature in your home. Sealing entry points is an affordable way to improve energy efficiency and prevent heat from slipping away unnoticed.

2. Optimize Ceiling Fans for Winter

Ceiling fans are often thought of as summer appliances, but they can also be incredibly useful during colder months. By simply adjusting the direction of your ceiling fan blades, you can enhance the distribution of warm air throughout the room. Set the fan to rotate clockwise on a low speed. This motion pushes the warm air that naturally rises to the ceiling back down to the living space, evenly distributing heat throughout the room. This reduces the need to turn up the thermostat, helping you save energy without sacrificing warmth.

3. Invest in Thermal Curtains

Windows are another area where heat loss is common, especially if your home has older or single-pane glass. A practical solution is to invest in thermal or insulated curtains. These curtains are designed to trap heat inside and prevent it from escaping through the windows. During the day, open the curtains to let natural sunlight warm your space. At night, close them to create an extra barrier between the cold air outside and the warmth inside. The added insulation from thermal curtains can make a noticeable difference in maintaining a cozy indoor temperature while reducing the workload on your heating system.

4. Close Off Unused Spaces

If you have rooms in your home that are not in use, it’s a good idea to close the doors to those spaces to conserve heat. When heat is being distributed throughout the house, your heating system works harder to maintain the temperature in every room, even those that aren’t being used. By closing off unused spaces, you effectively reduce the areas that need to be heated, allowing your system to work more efficiently. Additionally, placing draft stoppers at the bottom of doors helps block cold air from entering, further boosting your energy savings.

5. Leverage Solar Heat During the Day

One of the best ways to heat your home naturally is by taking advantage of the sun. On sunny days, open your blinds and curtains to let the sunlight stream into your home. The sun’s rays will naturally raise the temperature of your living spaces, reducing the reliance on artificial heating. After the sun sets, make sure to close the curtains to keep the warmth inside. This simple method, known as passive solar heating, can help lower your heating costs and create a more sustainable home environment.

Conserving heat during the cooler months is all about being strategic and mindful of the energy you’re using. By sealing doors and windows, optimizing ceiling fans, investing in thermal curtains, closing off unused spaces, and utilizing solar heat, you can make your home more energy-efficient and cost-effective. These easy-to-implement tips will help you stay warm, save money, and contribute to a more sustainable living environment.

What’s Ahead For Mortgage Rates This Week – December 9th, 2024

December 9, 2024 by Deidre Pfeifer

With the CPI and PPI scheduled for release in the upcoming week, the previous week was lightly peppered with a small amount of impactful financial data releases. The highlight was the S&P Manufacturing PMI, which reported final numbers for the year showing better-than-expected improvements in the manufacturing sector. Unemployment data also aligned with expectations, reinforcing the likelihood of a Federal Reserve rate cut remaining on track. Lastly, the Consumer Credit Report had the expected jump just before the Holiday Season as consumers relied on credit to make holiday purchases for the end of the year.

S&P PMI Final

Input cost inflation slowed further, reaching its lowest rate in a year. Meanwhile, output prices increased at a slightly faster pace. The seasonally adjusted S&P PMI stayed below the neutral 50.0 mark, recording 49.7, which indicates only a slight decline in the sector’s health for the month. This was an improvement from October’s 48.5 reading and marked the highest level in the current five-month trend of weakening business conditions.

Unemployment Report

The economy added a seemingly solid 227,000 new jobs in November, but much of the gain was tied to temporary influences instead of resurgence in weakening U.S. labor market. The rebound in hiring followed a paltry 36,000 increase in new jobs in October, when a strike at Boeing and a pair of major hurricanes depressed employment.

Consumer Credit

Total U.S. consumer credit surged in October, rising by $19.2 billion compared to a $3.2 billion gain in the prior month, the Federal Reserve said Friday. This marked the fastest growth since July, reflecting a 4.5% annualized growth rate, up significantly from the 0.8% increase in the previous month.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw a decrease of -0.14% with the current rate at 5.96%
• 30-Yr FRM rates saw a decrease of -0.12% with the current rate at 6.69%

MND Rate Index

• 30-Yr FHA rates saw a decrease of -0.10% for this week. Current rates at 6.12%
• 30-Yr VA rates saw a decrease of -0.11% for this week. Current rates at 6.13%