Sean Zalmanoff with USA Mortgage in St. Louis discusses mortgage rates.
Hey everybody Sean Zalmanoff here with your mortgage rate update for the week. A little bit of a quiet week in the market regarding news.
Now generally when you see a spike in the stock market like we had today of almost a 400 point climb you would see mortgage rates get a little bit worse, but as we’ve seen what’s going on in the market these days they are not moving in the same fashion that they are and so rates, I know it sounds like a little bit of a broken record but they are once again at an all time low. I feel like every year we say that, and then every other year they go lower.
So the things to look out for, we’ve had a spike as you all know in Coronavirus cases across the country, the number that you need to be paying attention to as far as how it will affect our rates, is the number of hospitalizations. Unfortunately, the more hospitalizations that we have, the better that rates will probably get as fears stoke the market.
If there is one number that you are paying attention to this week, it’s Thursday and it’s the initial jobless claims number. There is a projection for about 1.4 million new people hitting the unemployment line. Now a few months ago, I mean that spiked to almost 10 million in the craziest of weeks that we had, but we are still experiencing over a million people a week, fresh new people hitting the unemployment line. Just for a frame of reference that’s about 7 times as high as we typically get on a week to week basis. So there’s still a lot of people hitting the unemployment line, stimulus may or may not be running out.
The bottom line is rates right now are pretty darn awesome if you’re looking at locking into your home loan it’s a good time to do it now. If you haven’t captured these rates on a refi, once again, amazing timing for you all to do it right now. I’m Sean Zalmanoff with USA Mortgage and if you have any questions, you know how to reach out to us. Have an awesome day!