Chicago, IL (PRWEB) December 06, 2013
Peoples Home Equity is proud to echo news that the U.S. unemployment rate is back to its declining trend. According to the U.S. Bureau of Labor Statistics, the unemployment rate which now stands at 7% declined 0.3% for November.
The unemployment has now declined for 7 of the past 11 months. The news was positive for lenders such as Peoples Home Equity as they became aware that more individuals are earning a wage to possibly afford a mortgage. The unemployment news was particularly uplifting given that the Mortgage Banker Association published on Thursday December 6th that mortgage applications ending the week of November 29th slid for a 5th week in a row by -12.8%.
This has just been a phenomenal week for the economy and the housing market in general. On Wednesday, new homes sales showed a monthly gain of 25%, an increase not seen in over 33 years, on Thursday, quarterly GDP growth posted at 3.6% which was the high seen in 3 consecutive quarters. In addition Thursday, continuing jobless claims which is considered a leading indicator, declined to new annual lows. Finally, to end this magnificent week, we see that unemployment dropped from 7.3% in October to 7.0% for November.
With unemployment back in decline Peoples Home Equity suggests readers and prospective home buyers alike to seriously consider when the Federal Reserve will be taping its asset repurchase program. To ensure a satisfactory mortgage rate, and compete in bidding for real estate in the current low inventory housing market, it’s absolutely essential to apply for a home loan now. Mortgage rates have already been rising since the morning the positive implications of declining unemployment. In addition, real estate continue to rise as current lien holders are holding onto their homes until prices rise reach a level they are no longer underwater on their mortgage. This action by current home owners is fueling more demand more housing as low inventories are seen across the nation.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300