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Mark Hemingway

Mortgage Market Update for July 3rd

Thursday, July 4, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The Mortgage Bankers Association reports that the 30-year fixed-rate mortgage was essentially unchanged in the latest week at 4.07% with 0.38 in points and fees. Rates are at lows seen in September 2017. The Labor Department reports that Americans filing for first-time unemployment benefits fell by 8,000 in the latest week to 221,000, and are at 50-year lows. Low rates and a solid job market should continue to support the home purchase market.

On the lighter side, here are a few stats for Independence Day from the National Retail Federation. Americans are expected to spend $6.7 billion on cookouts and other celebrations on the 4th with 86% of the population planning to celebrate the 4th. Cookouts, barbecues, and picnics continue to be the most popular activity (61%), followed by fireworks and community celebrations (40%). Americans will spend $1 billion on beer alone for the 4th and another $600 million on wine. Americans are expected to eat 150 million hot dogs just on July 4, according to the National Hot Dog and Sausage Council. Have a happy and safe Independence Day!

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