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Freddie Mac Weekly Rates Decline in Response to Economic News
Mortgage interest rates dropped again this week according to the results of Freddie Mac’s Primary Mortgage Market Survey for the week ended July 9.rnrn rnrn30-year fixed-rate mortgages (FRM) had an average rate for the week of 5.20 percent with 0.7 point, down from the previous week when it averaged 5.32 percent with 0.7 point. This is the lowest rate for the 30-year mortgage since the week ended May 28 when the average was 4.91 percent.rnrn
Mid-Day Recap: Stocks Mixed After Labor Data
Markets opened higher due to a smaller-than-expected loss in Q2 from Alcoa, whose earnings were posted after the closing bell yesterday. In addition, a weekly labor report this morning said Jobless Claims fell to 565,000 last week, their lowest level since January.
Initial Jobless Claims Break 22-Week Trend. Continuing Claims Set New Record
After 22 weeks initial claims for unemployment benefits finally fell below the 600k mark. There were 565,000 new filings in the week ending July 4, the lowest weekly number since January and a much softer figure than expectations for 610k claims.rnrnHowever, part of the drop could simply reflect seasonal adjustment issues owing to the holiday, the four-day week, and the fact that early summer is a volatile period.
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