October job reports rolled in this week continuing the trend of stronger, but not booming economic growth. An additional 214,000 nonfarm jobs were added to U.S. payrolls, marking a couple of historic trends: the longest monthly streak of positive job growth since 1949 and the most consecutive months of more than 200,000 jobs added since 1995.
Despite these economic trends, U.S. voters decided to oust Democratic leaders in Congress, voting in a new wave of Republican congressmen and women during the midterm elections, for any number of possible reasons.
The question for anyone trying to get a mortgage is how all of these political factors affect the markets, and ultimately, how much money you can save on a new mortgage today (and how easy it will be to obtain). By the end of the week following the election, the Dow Jones and S&P 500 ended fairly flat, with the exception of health care stocks falling in response to potential GOP challenges to the Affordable Care Act.
In the meantime, interest rates for a 30-year fixed mortgage still average below 4 percent, among the lowest rates in decades, while home values have climbed. It's unclear how economic conditions will take shape once newly elected officials take office in January, but the current climate remains a great time to see what mortgage opportunities are available for you.
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