Knoxville ,TN (PRWEB) January 03, 2014
Peoples Home Equity found Thursday, January 2nd's initial jobless claims to be somewhat positive for the market. Mortgage rates showed almost zero change from Tuesday.
According to the US Labor Department, Initial jobless claims climbed a fractional 0.29% for the week ending December 27th. This represented a rise from the largest drop of -11% initial jobless claims saw for the week ending December 20th. Peoples Home Equity had mentioned on Wednesday, January 1st in a release titled, Initial Jobless Claims and ISM Manufacturing to Be Reported Tomorrow, that it was "hoping to see jobless claims at or below 338,000.” While today’s 1000 number increase to 339,000 was not a week over week decline, the lender found the announcement to be satisfactory as courting towards a neutral change for last week.
The average 30-year fixed, 30-year FHA Jumbo, and Jumbo 30-year fixed mortgage rates remained unchanged from Tuesday on Thursday January 2nd. This mortgage rate information, found on MortgageNewsDaily.com also shows that 15-year fixed and 5/1 ARM mortgage rates decreased and increased just 0.01 from Tuesday closing rate.
Peoples Home Equity encourages home buyers to see any weakness in the housing market as an opportunity to apply for a home loan especially if interest rates decline. The lender is of the opinion that the US is entering a period where it’s difficult for mortgage rates to decline since the Federal Reserve is taping its quantitative easing program (QE3). This policy artificially held interest rates down for an extended period of time in America to encourage borrowing to get our economy rolling again. Now, our stock markets indices are flourishing at new all-time highs, while our housing prices rise due to limited inventory. Unemployment is trending lower and more Americans a earning a wage that can support a mortgage. As long as positive economy data points are released into the market, then mortgage rates will probably continue their strong trend higher. Peoples Home Equity encourages homebuyers to apply now for a mortgage before it becomes too expensive.