The U.S. economy reached an important milestone in October that ought to put it on a more sustainable footing going forward: wage growth eclipsed mortgage rates for the first time since 1972. Average hourly earnings for production and non-supervisory employees -- who comprise more than 80% of the U.S. private-sector workforce -- rose 3.8% from a year earlier in October, according to Labor Department data published Friday. The average 30-year fixed mortgage rate in the U.S. in October was about 3.7%, according to Freddie Mac data.
Full Article here: U.S. Wage Growth Eclipses Mortgage Rate for First Time Since 1972
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