Peoples Home Equity believes prospective mortgage applicants have a very narrow window to apply for a home loan now before both interest rates and real estate prices continue higher.
Chicago, IL (PRWEB) January 23, 2014
Peoples Home Equity was content to see only a marginal advance in initial jobless claims today, January 23rd. On a positive note, both existing home sales and The Federal Housing Finance Agency’s home price index were shown to have increased for month over month.
Initial jobless claims increased only 0.3% from 325,000 on January 10th to 326,000 on January 17th. This slight rise is just what the market needed to see after it was reported that 525,000 Americans were dropped from the work force in January 3rds unemployment report. The current 4 week average for claims is now 331,500 which means the past 3 weeks report, including today’s release are doing well. People Home Equity is of the opinion that the 4 week average of initial jobless claims will remain at a low level around 330,000. As long as the 4 week average for claim can persist at a low level, the United States will probably see the unemployment rate continue to decline.
In other news, existing home sales were shown to have increase for the first time in the past 3 months. Existing home sales rose from “4820 Thousand in November of 2013” to “4870 Thousand in December of 2013” according to TradingEconomics.com. Peoples Home Equity concludes that based on unemployment declining, mortgage applications rising for the past 3 weeks, and existing home sales increasing in December, the housing market are on the verge of making another move to the upside in terms of prices.
Speaking of prices, The Federal Housing Finance Agency posted their month over month change in its home price index today. The release showed a 0.1% rise in the index. The index has now been positive for the past 22 months!
Peoples Home Equity believes prospective mortgage applicants have a very narrow window to apply for a home loan now before both interest rates and real estate prices continue higher. Individuals should apply now for a home loan and hedge their risk against a detrimental environment later.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.