Mortgage Market News

Home loan rates dropped to lowest levels in a year this week after a weak Gross Domestic Product report was released on Wednesday. Freddie mac reported that the 30-year fixed conventional home loan rate hit lows. A year ago, the rate was 4.46 with 0.8 points/fees added on top of the rate.
Americans filing for first time unemployment benefits continue to hover just above the 300,000 level coming in at 312,000, just above the 310,000 that was expected. The four-week moving average of claims, which irons out any seasonal abnormalities, rose by 2,000 to 314,250. Jobless claims are near post recession lows as the sector continues dig out of the hole that the recession caused.
The government reported this morning that consumers spent on cars and trucks in May, but not much else, despite decent income gains. Personal Spending rose by 0.2% in May, below the 0.4% expected. When factoring in inflation pressures, spending fell for the second straight month. Americans did see a fifth straight months of an uptick in incomes, which rose by 0.4% in May. In addition, the savings rate rose by 4.8% from 4.5%, the highest level in eight months.
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