Ever have trouble cancelling a subscription? After federal regulators received 70 complaints per day about subscriptions the Federal Trade Commission released a final rule called ‘click to cancel’ which says online subscriptions should require the same number of clicks to end as they do to sign up and in-person signups should have an option to cancel online or over the phone. The new rule will go into effect in about six months and will also help consumers get their money back when companies violate said rule. The final rule does not force companies to periodically remind people of recurring charges.
Mortgage Rates have increased during October to the highest levels since July. Rates are down approximately 0.25% from this time last year.
The BLS Jobs Report – showed that only 12,000 jobs were created in Oct, a significant drop from the over 200,000 jobs created last month. The previous two months were also negatively revised by 112,000 jobs. This soft Jobs report could prompt the Fed to lower rates again next week.
Inflation the Personal Consumption Expenditures Index (PCE) is the Fed’s favorite inflation measure, and it showed inflation is still trending down toward that ‘2% goldilocks’. The headline figure increased 0.2% from the previous month but is down 0.2% year over year at 2.1% and the core rate, which strips out food and energy, rose 0.3% and remained steady at 2.7% year over year. Shelter and Healthcare costs are contributing the most to inflation.
Home Values –the Case Shiller Home Price Index, considered the ‘gold standard for appreciation’, showed that home prices rose 0.3% in August and are up 4.2% year over year – a moderation from the previous months report of 4.8%. Both the 10 and 20-city indices outperformed the nationwide figures showing that larger cities are outperforming the rest of the nation. Lower priced homes are appreciating faster than the rest of the market.
Rents – Apartment List Rent Report showed that new rents declined 0.7% in October and are down 0.7% year over year. This is typical for this time of year and the trend is expected to continue in the coming months.
Mortgage Applications to purchase homes rose 5% last week and are up 10% year over year. Refinances fell 6% and are up 84% from this time last year. Refinances make up 43% of applications.