Mark Schulenburg

Branch Manager • Guild Mortgage

  • Home
  • About
    • About Mark
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Calculator
    • Mortgage FAQ
    • Mortgage Glossary
  • Testimonials
  • Apply Now
  • Contact

What’s Ahead For Mortgage Rates This Week – October 10, 2022

October 10, 2022 by Mark Schulenburg

What's Ahead For Mortgage Rates This Week - October 10, 2022Last week’s economic reporting included readings on construction spending, public and private sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Falls in August

The Commerce Department reported less construction spending in August as spending fell by -0.70 percent to $1.78 trillion as compared to July’s reading of $1.79 trillion. August construction spending was lower than the expected reading of -0.20 percent and July’s revised construction spending reading of -0.60 percent. Year-over-year construction spending rose by 8.50 percent.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages dropped by four basis points to 6.66 percent. The average rate for 15-year fixed-rate mortgages fell by six basis points to 5.90 percent and the average rate for 5/1 adjustable rate mortgages rose by six basis points to 5.36 percent.

Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.00 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

 Higher-than-expected jobless claims were reported last week with 219,000 initial claims filed. Analysts expected  203,000 new claims to be filed and the previous week’s reading was 190,000 first-time jobless claims filed. Continuing jobless claims were also higher with 1.36 million jobless claims filed as compared to 1.35 million ongoing claims filed during the previous week. Rising jobless claims suggest that layoffs are increasing.

The federal government also released month-to-month readings for public and private sector job growth and the national unemployment rate. Non-farm payrolls rose by 263,000 jobs in September, which fell short of the expected reading of 275,000 jobs added and the previous month’s reading of 315,000 jobs added. The national unemployment rate fell to 3.50 percent in September as compared to August’s reading of 3.70 percent and the expected reading of 3.70 percent.

ADP reported that 208,000 private-sector jobs were added in September as compared to August’s reading of 185,000 jobs added; Analysts expected 200,000 jobs added, which was revised from initial expectations of 132,000 jobs added. Nela Richardson, the chief economist at ADP, said that reopened schools and childcare providers supported parents’ ability to return to work after pandemic shutdowns.

What’s Ahead

This week’s scheduled economic reporting includes readings from the Fed’s Federal Open Market Committee, readings on retail sales, and the University of Michigan’s initial monthly report on consumer sentiment. 

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

Mark Schulenburg

Contact Mark


Branch Manager
Call (630) 417-7174
markschulenburg@guildmortgage.net
NMLS # 559943 Guild Mortgage
NMLS #3274

Browse Articles by Category

Get A Free Rate Quote!

Recent Articles

  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November
  • Is It Worth It to Put More Than 20 Percent Down?
  • What You Need To Know About A Closed-End Second Mortgage
  • What’s Ahead For Mortgage Rates This Week – January 30, 2023
Guild Mortgage NMLS #3274
Equal Housing Lender

Our Location


1815 Meyers Road Suite 120
Oakbrook Terrace, IL 60181

Copyright © 2023 · Powered by MySMARTblog