Lake Tahoe Home Loans, Lake Tahoe Home Loan Rates, Lake Tahoe Mortgage Loan Rates, Lake Tahoe Mortgage Loans, Lake Tahoe Mortgage Rates:
Economic news was light today with just a report from the Labor Department on the jobs market. Americans filing for first time unemployment benefits fell by 31,000 to 292,000 in the latest week. This was the lowest level since April of 2006. However, an official from the Labor Department said that the decline was due in part to two states not reporting all of their claims because of recent updates to computer systems.
Freddie Mac reported today the average rate for a 30-year fixed conventional mortgage is unchanged at 4.57%. However, to obtain that rate a potential borrower would have to pay 0.7 in points/fees. Due to the higher rates, the refinance end of the business has begun to slow, down a whopping 71% since its recent peak the week of May 3, 2013.
Over in the foreclosure front, RealtyTrac reported yesterday that foreclosure filings plunged by 34% year-over-year in the month ended in August. The decline was due in part to a rise in home prices, a pickup in job growth and less troubled loans and are at levels not seen in eight years. A RealtyTrac spokesperson said the “foreclosure flood waters have receded” in most parts of the country, but towns continue continue to clean up the damage that was left behind.