As of Thursday this week, the U.S. stock market stretched to new highs, with the Dow Jones closing at yet another all-time record above 17,000. Stocks have been hovering in this range for at least four weeks, responding positively to encouraging job reports data and the national unemployment rate dropping to 5.8 percent, the lowest point since 2008.
One weak sector for the stock markets that conversely has been a bonus for consumers are low oil prices. With domestic oil production booming - now producing more than 9 million barrels of crude oil a day - supply of oil has been surpassing demand, dropping the cost of gas prices at the pump. This translates to more flexible spending money for consumers leading into the holiday season, boding well for retail strength this December.
In other brighter economic news, the odds are looking good that many American workers will get raises in 2015. Lack of wage growth has been the biggest wrench thrown into the growing economy over the past year, causing many to feel less optimistic about economic improvement. However, many economic indicators, including short-term unemployment falling, are reason enough to believe that wages might start rising in the year ahead.
Please contact a Vertex loan officer to see how all of this economic news changes your ability to obtain a new mortgage now or in the months ahead, and also how your income, debt and home value levels affect your affordability. Feel free to call our office toll-free at any time at 877-939-0339.
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