Mortgage rates were unchanged in the latest remaining near historic lows. Freddie Mac reports that the 30-year fixed-rate mortgage is at 3.33% this week with 0.7 in points and fees. Freddie Mac said that mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data. A year ago the rate was 4.20%.
Americans filing for first-time unemployment benefits hit 4.4 million in the week ended April 18 bringing the 5-week total to a staggering near 27 million or 16% of the labor force. The economic shutdown due to the pandemic has now erased all of the jobs gained since the financial crisis in 2009. It's not clear as to how high the unemployment rate will climb. Some forecasts are as high as 30%!!! To put it into perspective, the Great Depression of the 1930s saw a high rate of 25%.
Sales of new single-family homes fell the most in 6.5 years in March as the pandemic shut down businesses while many jobs were lost. The Commerce Department reports that New Home Sales fell 15.4% in March from February to an annualized rate of 627,000 units versus the 655,000 expected. Sales were down 9.5% annually. Losses were seen across all regions in the U.S.The median new house price increased 3.5% to $321,400 in March from a year ago while there was a 6.4 months supply of houses on the market. Further declines are seen in the near future.
Mortgage rates hover near historic lows. Unemployment claims continue to soar. New Home Sales decline.
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