What’s Ahead For Mortgage Rates This Week – May 11th, 2020
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic releases included readings on public and private sector employment, the national unemployment rate. Economic Destruction Continues as Coronavirus SpreadsADP reported 20.2 million private-sector jobs lost in April as compared to 149,000 jobs lost in March. The government’s Non-Farm Payrolls report showed -20.5 million public and private-sector jobs lost in April as compared to -870,000 jobs lost in March. Both of these jobs reports typically show job growth, but they now report jobs lost due to the coronavirus pandemic and efforts to control it.Likewise, the national unemployment rate grew in April to 14.70 percent as compared to the normal reading of 4.40 percent in March. Mortgage Rates Mixed as New Jobless Claims FallFreddie Mac reported higher average mortgage ra...
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