Consumer Credit Snapshot: Unemployment Claims, Mortgage Rates
Mortgage Rates Plummet, Drift Back Above 7%
Mortgage rates plummeted by 41 basis points this week, according to Mortgage News Daily's archive. However, the average rate on the popular 30-year fixed-rate mortgage has drifted back above 7%, as the outlook for rate cuts remains uncertain.
Unemployment Claims Fall
The number of people filing claims for unemployment insurance fell by 8,000 last week. This decline was more than economists expected and signals a tightening labor market.
30-Year Mortgage Rate Falls to Lowest Level in Almost a Year
The average rate on the popular US 30-year mortgage rate fell 26 basis points to 6.47% this week, its lowest level since May of last year.
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