The number of Americans filing for initial unemployment benefits fell below the 1 million mark for the first time since late March (20 weeks) as the country continues to reopen and jobs return. Weekly Initial Jobless Claims came in at 963,000 for the week ended August 8, below the 1.150 million expected and down from the previous week of 1.191 million. However, there are still 16 million people unemployed, 10 million more than before had pre-COVID. Stimulus talks in Congress have stalled but some type of agreement will eventually be hammered out.
Mortgage rates edged higher in the latest week but remain at historically low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose eight basis points to 2.96% with 0.8 in points and fees. A year ago the rate was 3.60%. Freddie Mac said that even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.
Job market sees positive data. First-time unemployment benefits remain high but decline. Mortgage rates inch higher.
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