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Mark Hemingway

Mortgage Market Update for September 3rd

Thursday, September 10, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates remained at historically low levels this week and have been hovering near the lows for the past month. Freddie Mac reports that the 30-year fixed-rate mortgage inched higher to 2.93% this week with 0.8 in points and fees. A year ago the rate was 3.50%. Freddie Mac says that given the increase in the 10-year yield and pressure for it to edge higher, it will be difficult for rates to move lower from current levels.

The number of Americans filing for first-time unemployment benefits fell below the key 1M level last week for only the second time since the pandemic induced shutdown. Weekly Initial Jobless Claims fell to 881K from 1.006M and below the 1M expected. These are still staggering numbers, but hopefully the numbers will continue to decline. Continuing Claims, or those who remain on unemployment benefits, declined by 1.2M. The economy still has a ways to go to get the labor market back to where it was pre-COVID, but it is headed in the right direction.

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