Quicken Loans Market Update - Zing BlogLast Week:

Headline News

  • Jobless Claims – Initial claims fell a very sizeable 26,000 to a much lower-than-expected 323,000. The Econoday consensus was calling for 338,000.
  • Employment Situation – The unemployment rate nudged up to 6.7%, while government jobs rebounded 13,000.
  • Consumer Credit – Revolving credit posted a gain in December but reverted back to the negative column in January, at -$0.2 billion.

Mortgage Rates

According to the Primary Mortgage Market Survey released by Freddie Mac, average mortgage rates decreased following weak economic and housing news.

30-year fixed-rate mortgages (FRMs) averaged 4.28% with an average 0.7 point for the week ending March 6, 2014, down from last week when they averaged 4.37%. A year ago at this time, the 30-year FRM averaged 3.52%.

15-year FRMs this week averaged 3.32% with an average 0.6 point, down from last week when they averaged 3.39%. A year ago at this time, the 15-year FRM averaged 2.76%.

5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 3.03% this week with an average 0.4 point, down from last week when they averaged 3.05%. A year ago, the 5-year ARM averaged 2.63%.

1-year Treasury-indexed ARMs averaged 2.52% this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.63%.

Equity Markets

The Dow Jones Industrial Average rose 0.2% while the S&P 500 added a single point for the week. The NASDAQ ended in the red following big declines in biotech stocks.

The Week Ahead

Thursday, March 13

Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.

Retail Sales (8:30 a.m. ET) – Retail sales measure the total receipts at stores that sell merchandise and related services to final consumers. Sales are by retail and food service stores.

Visit the Quicken Loans Zing Blog for updated information on economic releases that affect your wallet.

 

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