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Mark Hemingway

Mortgage Market Update for June 6th

Friday, June 7, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates continued their descent this week due in part to the uncertainty surrounding the multiple-country trade issues along with low inflation levels. Freddie Mac reports that the 30-year fixed-rate mortgage fell to 3.82% this week from 3.99% with an average 0.5 in points and fees. It is the lowest rate seen since the fall of 2017. "These low rates are also good news for current homeowners. With rates dipping below four percent, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced - meaning the majority of what was originated in 2018 is now eligible," said Sam Khater, Freddie Mac's chief economist.

Americans filing for first-time unemployment benefits continue to hover near lows seen in the late 1960s as the labor market continues to strengthen. Weekly initial jobless claims rose by 218,000 in the latest week, unchanged from the prior week. The four-week moving average of claims, which irons out seasonal abnormalities, fell 2,500 to 215,000. The report comes ahead of the closely watched Jobs Report for May which is due out Friday morning.

Gas prices at the pumps continued to edge lower this week due in part to rising gasoline and oil inventories along with fears of easing oil demand. Motor club AAA reports that the national average price for a regular gallon of gasoline fell to $2.78 today, down from $2.89 a month ago. A year ago the price was $3. "Gas prices have been trending lower now for the past month and there are no signs of pump prices changing gears toward more expensive for the summer season," said Jeanette Casselano, AAA spokesperson.

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