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Mortgage rates did not move significantly last week, staying historically low. Consumer credit expanded less than expected. New purchase mortgage application submissions declined, and refinance mortgage application submissions increased. Job openings are down, but still exceed the number of people classified as unemployed. Initial jobless claims declined, and continuing claims increased. The consumer price index was virtually unchanged from month to month. The consumer sentiment index climbed.
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| Mortgage Rates Currently Trending lower
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This Week's Potential Volatility
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Total consumer credit expanded by $17.9 million at an annual growth rate of 5.2%. Weaker credit card spending constricted growth, revolving credit fell 2.2% in August. Nonrevolving credit, like car loans and student loans, increased 7.8% in August.
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For the week ending 10/4, new purchase application submissions declined 1.0% and refinance application submissions jumped 10.0% for a composite increase of 5.2%.
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Job openings fell slightly in August, down to a level of 7.051 million. August’s figure marks at 8% decline since the start of the year. However, the number of open jobs still far greater exceeds the 5.8 million Americans classified as unemployed. The voluntary quits rate fell to a level of 2.3%.
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For the week ending 10/5, initial jobless claims declined to a level of 210,000 and continuing claims increased to a level of 1.68 million. Jobless claims continue to come in historically low, continuing claims have been below 2 million since 2017.
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In September, the consumer price index was unchanged month-over-month and up 1.7% year-over-year. Excluding food and energy costs, the core CPI was up 0.1% month-over-month and 2.4% year-over-year. Prices for food, rent, healthcare, and airlines increased and the cost of gasoline and used vehicles declined.
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The consumer sentiment index jumped to a level of 96 in October.
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This week's important economic reports include:
- MBA applications
- Retail sales, retail sales ex-autos
- Home builders’ index
- Beige Book
- Weekly jobless claims
- Housing starts and building permits
- New home sales
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Week of october 14, 2019
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