Joe Gonzalez -King Of Prussia Mortgages, FHA JUMBO, VA, USDA and more

Whether a million dollar loan or a first time home buyer, more Realtors, financial planners, borrowers and other business professionals bring their home financing needs to Joe than anyone else in King of Prussia and the Delaware Valley. They come to Joe for one main reason... Results!

Mortgage News for Week Of April 7, 2014

Last week's economic news included readings on February construction spending and multiple reports on employment data.

Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward.

Employment And Unemployment News

ADP's payrolls report for March was higher than February's reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February's reading originally showed 138,000 new jobs added.

While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor Statistics swamped excess confidence in labor markets Friday with its March reading for Non-Farm Payrolls.

192,000 jobs were added in March against predictions of 200,000 jobs added and February's reading of 197,000 jobs added.

The news was not all bad as job gains for January and February were revised upward. January's job gains were revised from 129,000 to 144,000 and February's reading was revised from 175,000 to 197,000 jobs added. The revised readings represent a total of 37,000 more jobs added.

As data impacted by severe winter weather "shakes out," it would not be surprising to see a revision to March's new jobless claims reading as well.

Unemployment Rate Holds Steady, Workforce Numbers Higher

While readings on employment have been up and down in recent months, the national unemployment rate has held relatively steady, with last week's reading at 6.70 percent. 503,000 workers joined the workforce this increased the labor participation rate for March from 63 percent to 63.20 percent.

Mortgage rates were incrementally higher last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage increased by one basis point to 4.41 percent; discount points moved from 0.60 percent to 0.70 percent.

The average rate for a 15-year fixed rate mortgage rose by five basis points to 3.47 percent with discount points unchanged at 0.60 percent. 5/1 adjustable rate mortgages had an average rate of 3.12 percent, which was two basis points higher than the previous week. Discount points for 5/1 adjustable rate mortgages were unchanged at 0.50 percent.

This Week's Economic News Highlights

Job openings for February, FOMC minutes and the University of Michigan consumer sentiment index for March are set for release this week. As usual, Freddie Mac will post results of its latest Primary Mortgage Market Survey and weekly unemployment claims will also be reported.

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036 

Gateway Funding DMS, LP - Hope Mortgage Team
920 Germantown Pike, Suite 114 | Plymouth Meeting, PA 19462 | Direct: 484-994-2890 

FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia

fdic

This material is non-exclusively licensed to Joe Gonzalez and may not be copied, reproduced, or sold in any form whatsoever. Copyright ©2006-2014, Bring the Blog. All rights reserved. Terms of Service.
0 commentsJoe Gonzalez • April 07 2014 06:13AM
Mortgage News for Week Of April 7, 2014
share
Last week's economic news included readings on February construction spending and multiple reports on employment data. Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March… more
Give Your Montgomery County Home A Facelift, Wallpaper Is Back!
share
Give Your Montgomery County Home A Facelift, Wallpaper Is Back! Though it can be an entirely different story for a trend shift in the opposite direction, which then requires you to get out the soaking bucket and scraping tool, wallpaper coming… more
Millenials Have Great Homebuying Tools Available To Them
share
Millenials Have Great Homebuying Tools Available To Them The economy seems to be finally turning, and home loan interest rates are still historically low. Real estate values are starting to climb as well, all of which makes for a growing… more
Important Legal Tips For Montgomery County Homeowners
share
Important Legal Tips For Montgomery County Homeowners Being a homeowner is exciting. It can be financially rewarding, too. Unfortunately, it can also put you in a tough legal position. Between the complexities of owning a house, having to deal… more
This Week's Montgomery County Mortgage News - March 31, 2014
share
This Week's Montgomery County Mortgage News - March 31, 2014 Last week's economic news includes several reports about housing markets. The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales… more
Spring Cleaning Tips for Montgomery County Homeowners
share
Spring is around the corner, and it’s time to get your home in order! Spring cleaning can be fun and easy if you follow some general guidelines, which are sure to get your home ready for the nice weather and looking as beautiful as the weather is… more
3 Tips To Get The Most Out Of Your Plumbing
share
3 Tips To Get The Most Out Of Your Plumbing Everyone wants their pipes to last as long as possible, but there are a couple of simple problems that might be sucking the life out of your plumbing. Long-term stress is the enemy when it comes to… more
Existing Home Sales Reach Highest Level In 7 Years
share
Existing Home Sales Reach Highest Level In 7 Years The NAR provided great year-end news as existing home sales in December pushed 2013 sales of existing homes to a 7 year high. December’s reading of 4. 86 sales of pre-owned homes came in… more
Mortgage News for the Week of January 27th, 2014
share
Mortgage News for the Week of January 27th, 2014 Last week was an action-packed week for economic news, and all of it was packed into Thursday: Weekly Jobless claims came in at 326, 000 which was lower than the expected 330, 000 new claims. This… more
Montgomery County PA Kitchen Remodeling and Decorating Guide for 2014
share
Montgomery County PA Kitchen Remodeling and Decorating Guide for 2014 The kitchen is one of the most important rooms of your home. It is where you prepare all of your meals and it is often a hub of family activity. When you host a party, the… more