MetroIntelligence Economic Update by P. DUFFY
Purchase loan apps fall 5 percent from previous week, but up 28 percent year-on-year
The Market Composite Index for mortgage apps increased 2.0 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 5 percent (but up 28 percent year-on-year) and refinance activity up 9 percent (but down 37 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.30 percent from 3.31 percent.
Consumer credit use increase slips to 4.6 percent annual rate in October
In October, consumer credit increased at a seasonally adjusted annual rate of 4.6 percent. Revolving credit (such as for credit cards) increased at an annual rate of 7.8 percent, while nonrevolving credit (such as for loans for cars and tuition) increased at an annual rate of of 3.7 percent.
Job openings rise 4.1 percent in October to 11.0 million, quits rate falls 4.7 percent
The number of job openings increased 4.1 percent to 11.0 million on the last business day of October. Hires fell 1.3 percent to 6.5 million, total separations declined 4.1 percent to 6.1 million, and quits fell 4.7 percent to 4.4 million. However, even with the quits rate declining, the number of open jobs vs. officially unemployed persons rose 23.4 percent to 3.6 million. The quits rate remains elevated for jobs in accommodations and food services (6.0 percent) and retail trade (4.4 percent) but lower for construction (2.5 percent).