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First-time Unemployment Claims Skyrocket.

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Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

The economic fallout from the coronavirus continues to hit American workers across the nation. Americans filing for first-time unemployment claims hit nearly 6.7 million last week after the 3.3 million in the previous week. These are record numbers in the history of modern-day America. The St. Louis Federal Reserve is forecasting 47 million to go unemployed with a 32% unemployment rate in the upcoming months. However, the St. Louis Fed went on to say that once the coronavirus is behind us we could see a swift gain in jobs.

Freddie Mac reports that mortgage rates fell in the latest survey but the data could be a bit stale given how fast rates have moved in the past few weeks. The 30-year fixed-rate mortgage fell to 3.33% with 0.7 in points and fees. Despite the low rates, potential homebuyers are staying away from the market given the current coronavirus environment. Today's rates are most likely higher in this volatile environment.

After plunging in the past month due to weak demand and oversupply, oil prices gushed higher after the White House reported that Russia and Saudi Arabia have come to an agreement to cut production. West Texas Intermediate oil hit $27/barrel after the headlines hit, up from the $20 close seen yesterday. The slump in oil prices has pushed shares of energy companies lower which in turn has cast a negative vibe throughout the broader markets.

 

 Mortgage rates remain choppy. Oil prices gush higher.

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