The most important thing is to lock in a fixed rate home loan now so that risk is eliminated of buying a home at a less affordable rate in the future.
Chicago, IL (PRWEB) April 03, 2014
Initial jobless claims rose only 5.1% from 310,000 to 326,000 week over week. This increase has caused the 4 week moving average to rise slightly from 319,250 to 319,500. The initial claims report also provided specifics for the highest insured unemployment rates for the week ending on March 15th. Alaska, New Jersey, and Pennsylvania were ranked the highest with 5.8%, 3.9%, and 3.8%. The largest increases in claims for mainland U.S. states for the week ending on March 22nd “were in Texas (+2,424), Florida (+1,698), Puerto Rico (+668), Iowa (+580), and Kansas (+326).” Meanwhile “the largest decreases were in California (-8,725), Nebraska (-1,121), Washington (-801), Arkansas (-713), and Tennessee (-698).”
Peoples Home Equity thinks Thursday initial jobless claims news completes the data for March in a positive way. Since initial claims remained relatively low in March Peoples Home Equity believes that there is a very good chance the unemployment rate will decline on Friday. If Friday’s unemployment report announces a decline in March, then both mortgage rates and equity markets stand a good chance of moving higher.
Readers should understand the implications of a rising unemployment. IF more Americans are employment then more individuals are earning and income to potentially pay for a mortgage. These individuals go to get approved for a mortgage from a lender such as Peoples Home Equity. If demand for getting a home loan increases, mostly likely mortgage rates will move higher.
Peoples Home Equity advises readers not to risk waiting for mortgage rates to decline or for additional housing inventories to hit the market this spring and summer. The most important thing is to lock in a fixed rate home loan now so that risk is eliminated of buying a home at a less affordable rate in the future.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today: (855)-897-0300