Thursday, January 2, 2014 - Article by: Richard Airey - First Financial Mortgage -
As of December 28, 2013, 1.3 million Americans saw their weekly long-term unemployment benefits expire, after Congress failed to extend the insurance before taking off for their winter recess. The president and some members of the Senate will push for an extension, but that will not help those who were cut off last week.Home loan rates were on the rise last week and have risen three straight weeks. Freddie Mac reported this morning that the average 30-year fixed mortgage rate rose to 4.53% in the latest week, from 4.48% in the previous week. To obtain that rate, a potential borrower would have to pay 0.8 in points and fees. A spokesman for Freddie Mac said that rates edged up last week on signs of a stronger economic recovery.The Labor Department reported today that Americans filing for first time unemployment benefits fell in the latest week as the job markets continue to recover. Weekly initial jobless claims fell by 2,000 to 339,000. That was the lowest level in four weeks, a year ago claims were at 372,000. The holiday season could have caused the numbers to jump around in the past month, which made the reporting less reliable than usual.
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