Chicago, IL (PRWEB) January 16, 2014
US jobless claims posted a decline for the 2nd consecutive time today, ending for the week of January 10th. While the decline was marginal, Peoples Home Equity was content to see any number at or below that of last week. The lender is beginning to see parallels between the number of recent jobless claims and weekly mortgage applications.
According to the latest U.S. Labor Department data, released on January 16th, 2014, U.S. jobless claims declined a slim -0.61% from the week prior as the actual number of claims fell 2,000 from 328,000 ending the week of January 3rd to 326,00 ending on January 10th. Peoples Home Equity reminds readers that, jobless claims were at 380,000 just four weeks ago thus they have fallen -14.2% since then.
The since claims of fallen for a somewhat influential period over the past month, it was expected to see weekly mortgage applications to have finally bounced from their annual lows in yesterday as reported by the Mortgage Bankers Association (MBA). According to the latest analytic's from DQNews.com on January 16th, US home sales have been trending lower since late September. A chart of the home sales data seems to perfectly reflect the previous declining trend in mortgage applications. However, since both initial jobless claims are continuing lower and mortgage applications made a spectacular jump of 11.9% yesterday, Peoples Home Equity is expecting to see new large wave of individuals applying for a home loan. This is especially true when spring arrives since home sales tend to be higher in the spring and summer months. The lender encourages r prospective home buyers to get away from the pack and apply early now. Mortgage rates tend to be relatively lower in the winter months of December to February and rates are expected to rise further due to upcoming seasonal housing demand and changing Federal Reserve policy. The Federal Reserve is planning to further taper its popular quantitative easing program which has subdued interest rates for an extended period of time, in addition the Fed wants to intentionally raise its Federal funds rate which will directly impact mortgage rates across the country. Once again, Peoples Home Equity strongly encourages individuals to avoid this risk and apply for a home loan now.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300