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HEADLINE MORTGAGE NEWS JANUARY 11, 2024
Mortgage Rates a tad lower from yesterday. 30-year fixed-rate mortgage rates 6.78% down -0.10 from yesterday. 15-year fixed-rate mortgages is priced at 5.77% down -0.26 from yesterday. 5/1 ARM is unchanged 6.67% from yesterday. This week has been a steady week for mortgage interest rates at 6.66% . Mortgage rates has been unchanged since December 21st. Lower rates should spark homebuyers but many buyers are sitting on the sidelines. Weekly jobless claims was low for the week mainly due to a four day holiday week. The unemployment rate numbers released last week came in at 3.7 percent in December, and the number of unemployed persons was remain unchanged at 6.3 million. These measures are higher than a year earlier, when the jobless rate was 3.5 percent and the number of unemployed persons was 5.7 million.
Jobless claims, also known as unemployment claims or initial unemployment claims, refer to the number of individuals who have filed for unemployment benefits with the government’s unemployment insurance program. These claims are typically filed by individuals who have lost their jobs and are seeking financial assistance during their period of unemployment.
Jobless claims serve as an important economic indicator and are closely monitored by policymakers, economists, and financial analysts. They provide insights into the current state of the labor market and can indicate trends in unemployment. When jobless claims increase, it often suggests a rising number of people losing their jobs, which may be a sign of economic downturn or labor market challenges. Conversely, a decrease in jobless claims can be a positive sign, indicating improved job market conditions.
Jobless claims are typically reported on a weekly basis in many countries, including the United States, where the U.S. Department of Labor releases a weekly report on initial unemployment claims. These reports help policymakers and analysts gauge the health of the labor market and make informed decisions about economic policies and interventions.
It’s important to note that jobless claims are just one part of the broader picture of employment and unemployment, and they are often used in conjunction with other labor market indicators to assess the overall employment situation.
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Housing market is in a slump. Home prices are dropping as weeks pass, home inventory are piling up, mortgage rates are skyrocketing, inflation is out of control, Americans no longer trust politicians and the FAKE NEWS, brand new homes are being sold for the same price as existing home, homebuilders are dropping prices on new homes, and many homebuyers are priced out of the housing market.