Well at least rates should stay low, with the results of two impacting and telling economic reports.
Yesterday builder confidence and home starts were lower than expectations and lower than forecasts.
Today's unemployment figures - new claims and existing claims - were higher than expectations and than forecasts.
|
Unemployment Claims |
This week |
Prior |
Expected |
Forecast |
|
Initial |
472k |
460k |
450k |
450k |
|
Continuing |
4571k |
4483k |
4475k |
4500k |
The increase in unemployment figures breaks a 3 week trend of drops in new claims. The significance of these numbers of course can be determined only by any new trend over the next few weeks.
For today though mortgage rates should improve based on concerns about hiring prospects.
Congress does not appear to be interested in extending unemployment benefits.
Congress does not appear to be interested the housing market - tax credit extension not passed, funding for Rural Development not passed, FHA Reform allowing increased consumer costs for mortgage insurance, flood insurance not extended.
Congress is acting in ways that suggest they either do not undestand the housing market, don't care, or actually want to slow its recovery down.
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Richard Smith |
American Acceptance Mortgage, Inc |
FHA, VA, Rural Development, Conventional, Jumbo,
Reverse Mortgages, FHA 203k Renovation
Home financing in Tennessee and Georgia.
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Thank you for visiting. This is the professional blog for |
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
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Stearns Lending, Inc |
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Cell phone: 423-280-0345 Email: Richard@HomeLoansChattanooga.com |
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. |
Thanks for the info, unemployment trends are key indicators when used with other numbers.