Average long-term mortgage rates in the U.S. fell this week, as the key 30-year rate again retreated below 3%. Mortgage buyer Freddie Mac reports that the average rate on the benchmark home loan declined to 2.98% from 3.09% last week. The rate for a 15-year loan fell to 2.27% from 2.35%. Rates remain historically low, though limited inventory and rising prices are leaving many potential homebuyers on the sidelines.
Home sales in Grand Forks and East Grand Forks were slightly higher in October compared to the same month a year ago. The Grand Forks Area Association of Realtors reports 88 single family homes…townhomes…and condos were sold. The average sales price was $267,202.
A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leaving families facing the highest inflation rate since 1990.
Americans quit their jobs at a record pace for the second straight month in September, while businesses and other employers continued to post a near-record number of available jobs. The Labor Department said Friday that 4.4 million people quit their jobs that month, or about 3% of the nation’s workforce.
The University of North Dakota’s Center for Innovation and the Grand Forks Region Economic Development Corporation opened applications for the first cycle of the fifth year of InternGF. The program is designed to increase the number of local internship offerings, aiding employers’ workforce recruitment and retention efforts. This cycle will fund internships happening during the Spring 2022 semester, January 1–May 15.
In Q2 (Apr-Jun) 2021, North Dakota’s total employment increased 5.5 percent on a year-over-year basis to 401,883, a gain of 20,836 jobs. Average weekly wages were $1,067, higher by 0.6 percent from the same quarter one year ago.
The North Dakota Department of Commerce has awarded $2,112,000 of Community Development Block Grant (CDBG) funds to three North Dakota communities. The program provides financial assistance to eligible units of local governments for public facilities, housing rehabilitation and economic development projects. City of Northwood was awarded $1,245,705 to rehabilitate the city-owned sanitary sewer system.
General Electric will divide itself into three public companies focused on aviation, health care and energy. The storied American manufacturer struggled under its own weight after growing to become a sprawling conglomerate. The company has already rid itself of the products most Americans know, including its appliances last year and the light bulbs that GE had been making since the late 19th century when the company was founded.
North Dakota Public Service Commission Chair Julie Fedorchak has been elected Second Vice President of the National Association of Regulatory Utility Commissioners (NARUC). Fedorchak was elected to this position on the Executive Committee during their annual meeting in Louisville, Ky. The position of Second Vice President puts her in line to be President of the organization in 2024.
For its ninth consecutive year, Dusterhoft Family Stores is donating proceeds from its “Go Pink for a Cure” fundraiser to support local breast cancer patients at Altru’s Cancer Center. This year, Dusterhoft’s is donating $1,230 toward the cause, which brings the combined funds raised in the last nine years to over $11,000.
The Alerus Center has booked a realistic dinosaur exhibit. More than 100 photorealistic dinosaurs are part of the Jurassic Quest. The Jurassic Quest herd of animatronic dinos are displayed in realistic scenes. The show is set for Feb. 11-13.
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