Lake Tahoe Home Loans and Lake Tahoe Mortgage Rates:
Americans filing for first time unemployment benefits rose in the latest week, but filings have been declining and remain near six-year lows. The Labor Department reported that Weekly Initial Jobless Claims rose by 13,000 in the latest week to 336,000 and just near expectations.
The Federal Housing Finance Agency (FHFA) reported this morning that home prices across the nation rose 7.7% in the year ended in June and up 0.7% from May to June. For the second quarter of 2013, prices were up 2.1% for the eighth consecutive quarterly increase. A spokesperson for the FHFA said the housing market “experienced one of the strongest quarters since the boom in the middle of the last decade.”
The minutes from the July 31 Federal Open Market Committee meeting were released yesterday and didn’t give clarity as to when the tapering will begin. In addition, the Fed members were split on the subject. The uncertainty surrounding the minutes led to a sharp sell-off in both Stocks and Bonds. The Fed is currently purchasing $85 billion per month in Treasury and Mortgage Backed Securities in an effort to promote economic and job growth along with keeping long term interest rates low.