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Mark Hemingway

Mortgage Market Update for February 6th

Friday, February 7, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates continued to decline in the latest survey from Freddie Mac hitting the lowest point in three years. The 30-year fixed-rate mortgage fell to 3.45% from 3.51% with 0.7 in points and fees. A year ago at this time, the rate averaged 4.41%. Sam Khater, Freddie Mac's Chief Economist said, "The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months."

Americans filing for first-time unemployment benefits fell to a nine-month low in the latest week and are hovering near 50-year lows. The numbers signal that the tight labor market would continue to bolster the economy in 2020. Weekly Initial Jobless Claims fell to 202,000, down 15,000 for the week ended February 1. The four-week moving average of initial claims, which irons out seasonal abnormalities, dropped 3,000 to 211,750 last week, also the lowest level since last April.

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