Mortgage rates continued to hit record lows in the latest survey which is spurring on homebuyer demand. Freddie Mac reports that the 30-year fixed-rate mortgage fell to 3.03% with 0.8 in points and fees. A year ago, the rate was 3.75%. Freddie Mac said that 'the summer is heating up as record-low mortgage rates continue to spur homebuyer demand. However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.'
Americans filing for first-time unemployment benefits continue to decline from the huge numbers seen post-shutdown though they are still at historically lofty levels. And with the extra $600 in federal unemployment benefits expiring at the end of the month, Congress is considering some type of stimulus package when they get back from the July recess in two weeks. Weekly Initial Jobless Claims came in at 1.314 million versus the 1.350 million expected and down from 1.413 million in the previous week. Continuing Claims fell to 18.062 million from 18.760 million.