52 Week Low?

Thursday - April 7  

Mortgage rates dropped to 52-week lows in the latest survey by Freddie Mac. Last week, Fed Chair Yellen urged caution on raising interest rates due to the global economic slowdown, which helped to push rates slower. The 30-year fixed conventional rate, $417,000 or less, fell to 3.59% with 0.5 in points and fees. Mortgage rates have been hovering just above all-time lows as the U.S. Federal Reserve continues to support lower rates through the purchase of Mortgage Backed Securities in the open markets.

Americans filing for first-time unemployment benefits fell this week, signaling the job market continues to strengthen, despite tepid wage growth. Weekly Initial Jobless Claims declined 9,000 in the latest week to 267,000, just below the 270,000 expected. Up until this point, slow global economies are not yet a cause for concern to U.S. employers. On Tuesday, a government report showed that hiring by U.S. employers rose to the highest level since November 2006.

Quarterly earnings season kicks off next week with many analysts setting the bar low due to a slowdown in the first quarter of 2016. And with earnings forecasts set so low, it could help companies to beat those estimates. It is expected that profits for the companies in the S&P 500 have declined 7.4% from a year ago. There are some positive factors that could produce better-than-expected earnings; a lower dollar in recent months could bolster U.S. exports, while a rise in oil prices provides some hope to investors in energy companies.

Mortgage rates at 52-week lows. Jobless claims decline. Quarterly earnings season kicks off next week.

Mortgage rates dropped to 52-week lows in the latest survey by Freddie Mac. Americans filing for first-time unemployment benefits fell this week, signaling the job market continues to strengthen, despite tepid wage growth.

The 30-year fixed conventional rate, $417,000 or less, fell to 3.59% with 0.5 in points and fees. Weekly Initial Jobless Claims declined 9,000 in the latest week to 267,000, just below the 270,000 expected. It is expected that profits for the companies in the S&P 500 have declined 7.4% from a year ago. Quarterly earnings season kicks off next week with many analysts setting the bar low due to a slowdown in the first quarter of 2016.