Home borrowing costs were unchanged this week and remain at historically low levels. Freddie Mac reports that the 30-year fixed-rate mortgage held steady at 2.73% with 0.7 in points and fees. A year ago at this time, the rate averaged 3.45%. Sam Khater, Freddie Mac’s Chief Economist. “This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position.
Americans filing for first-time unemployment benefits fell in the latest week to 779,000 from 812,000. Continuing claims, or those receiving benefits for at least two weeks straight, fell to 4,592,000 from 4,785,000. Several of the states that were under lockdown measures have slowly begun to open up. When the economy fully reopens many workers should be able to go back to work.
It looks like the near $2 trillion stimulus relief plan from President Biden's administration will get pushed through Congress with a budget reconciliation clause. The relief plan would send $1,400 checks to those eligible Americans along with aid for states, extended enhanced unemployment benefits, rental assistance and eviction moratorium, assistance for small businesses, vaccination and school aid. If this $1.9 trillion plan is passed, it would mean the U.S. government will have spent $5 trillion over the past 10 months to fight the effects of the pandemic.
Mortgage rates remain low. Weekly Initial Jobless Claims decline. New stimulus ahead.
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