On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls data from the month prior. The data is more commonly known as “the jobs report” and it swings a big stick on Wall Street. Especially now — many analysts believe job growth is tightly linked to the future of the U.S. economy.
A Pending Home Sale is a home that is under contract to sell, but not yet sold. It’s a figure compiled by an industry group using sales data from over 100 regional listing services and more than 60 large brokerages around the country.
A “Short Sale” is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff.
In a news-heavy week, mortgage markets improved last week, adding to a 3-week rally. But, given last week’s data and domestic story lines, it’s surprising that rates actually fell.
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