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Richard Airey

Today's Mortgage Market Update

Thursday, July 25, 2013 - Article by: Richard Airey - First Financial Mortgage - Message

The Labor Department reported this morning that Americans filing for first time unemployment benefits rose in the latest week, but remained near recent levels as the job markets slowly improve.

Weekly Initial Jobless Claims rose by 7,000 in the latest week to 343,000 and just above the 340,000 that was expected. The numbers could be somewhat extorted due to auto plants shutting down for retooling and temporary layoffs related to the end of the regular school year.

Orders for products lasting at least three surged in June due in part to a big increase in aircraft bookings sending Durable Orders up 4.2% in June and the third straight monthly gain. That was above the 1.8% expected. The rise was viewed as a sign that manufacturing is on the rebound and is consistent with two previous manufacturing reports that were positive from the Philadelphia and New York regions.

The major portion of the capital markets are declining today as investors sit back and survey the current economic environment across the nation as Stocks, Bonds and oil prices are all declining. The recent record highs seen in the equity markets have hastened investors to take profits while Bond market players are cutting positions this week on added supply from $99 billion worth of new Treasury securities.

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