Average long-term mortgage rates in the US fell this week, with the 30-year key rate slipping back below 3%. Mortgage buyer Freddie Mac reported that the average interest rate on a standard home loan fell to 2.98% from 3.09% last week. The 15-year loan rate decreased to 2.27% from 2.35%. Rates remain historically low, although 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 last year. The Grand Forks-area Association of Realtors reported the sale of 88 single-family homes…homes…and condos. The average selling price was $267,202.
A skyrocketing inflation for such basic necessities as food, rent, cars, and heating oil is making Americans struggle financially this Thanksgiving and the holiday season. Prices for US consumers jumped 6.2% in October from the previous year, leaving households facing the highest rate of inflation since 1990.
Americans left their jobs at a record pace for the second month in a row in September, while companies and other employers continued to post a near-record number of available jobs. The Labor Department said Friday that 4.4 million people left their jobs that month, or about 3% of the country’s workforce.
The University of North Dakota Innovation Center and the Grand Forks District Economic Development Corporation have opened applications for the first round of the fifth year of InternGF. The program is designed to increase the number of local training offerings, and assist employers with workforce recruitment and retention efforts. This course will fund trainings that occur during Spring 2022, January 1 – May 15.
In the second quarter (April-June) 2021, total employment in North Dakota increased 5.5% year over year to 401,883, an increase of 20,836 jobs. Average weekly wages were $1,067, an increase of 0.6 percent from the same quarter a year ago.
The North Dakota Department of Commerce awarded $2,112,000 in Community Development Grant (CDBG) funds to three North Dakota communities. The program provides financial assistance to eligible units in local governments for public utilities, housing rehabilitation and economic development projects. The City of Northwood was awarded $1,245,705 to rehabilitate a city-owned sewer system.
GE will divide itself into three public companies focused on aviation, healthcare and energy. The storied American manufacturer has struggled under its own weight as it grew into a sprawling conglomerate. The company has already phased out products most Americans are familiar with, including its last year’s appliances and light bulbs that General Electric has been making since the late 1800s when the company was founded.
North Dakota Public Service Commission chairwoman Julie Fedorczak has been elected second vice president of the National Association of Regulatory Facilities Commissioners (NARUC). Fedorczak was elected to this position on the Executive Committee during their annual meeting in Louisville, Kentucky, and the position of second vice president positions her to be the organization’s president in 2024.
For the ninth year in a row, Dusterhoft Family Stores is donating proceeds from its “Go Pink for a Cure” fundraising to support local breast cancer patients at the Altru Cancer Center. This year, Dusterhoft’s is donating $1,230 to the cause, bringing the combined funds raised in the past nine years to more than $11,000.
Alerus Center has booked a realistic dinosaur exhibit. Over 100 realistic dinosaurs are part of Jurassic Quest. Jurassic Quest’s herd of animatronic dinosaurs is presented in realistic scenes. The show is set for February 11-13.