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In what many viewed as the final piece of the puzzle before a Fed liftoff later this month, the Bureau of Labor Statistics reported solid job gains of 211 thousand for November in the Employment Summary for November 2015 released Friday.
November’s job gains combined with upward revisions of 35 thousand jobs in September lifts the average monthly job gains for the last three months up to 218 thousand. Many analysts and economists predicted prior to Friday the only thing that will prevent a liftoff by the Fed at the December meeting was a poor November jobs report. With the solid jobs report for November and over the last three months, those same analysts are sticking to their forecasts.
Mortgage lending to borrowers with mid-tier credit scores has severely declined since the mid-2000s, even after Fannie Mae made eligibility changes. A study from Fannie Mae showed that eligibility changes had little impact on mortgage lending volume, especially to mid-tier borrowers. In addition, repeat borrowers are suffering the most from the drop in mid-tier lending than first-time homebuyers.
