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Home mortgage rates slipped to their lowest rates on record as uncertainty over the coronavirus continued to impact financial markets. Freddie Mac reported lower average mortgage rates for fixed and adjustable-rate mortgages.
Rates for 30-year fixed-rate mortgages fell by 16 basis points to 3.29 percent; the average rate for 15-year fixed-rate mortgages was also 16 basis points lower at 2.79 percent.
Mortgage rates for 5/1 adjustable-rate mortgages were two points lower on average at 3.18 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages. The 10-Year Treasury Yield, which tracks with mortgage rates, slipped to 0.90 percent last week; this was the first time the yield rate fell below one percent.
Homeowners rushed to take advantage of low mortgage rates through refinancing, but homebuyers could not gain the same benefits from record-low mortgage rates due to persistent shortages of available and affordable homes for sale. Analysts advised against waiting to refinance as home mortgage rates aren’t expected to fall much lower.
Construction Spending Rises, Fed Cuts Key Rate as National Unemployment Rate Falls
Analysts have long relied on home builders to ease chronically short supplies of homes for sale. Construction spending rose to 1.80 percent in January as compared to December’s rate of 0.20 percent. Analysts expected January’s construction spending to rise to 0.90 percent.
The Federal Reserve cut its target federal funds rate range by 0.50 percent to 1.00-1.25 percent.in a move to relieve the impact of the coronavirus outbreak on the economy. The Fed may cut its key rate by an additional 0.25 percent when the central bank’s Federal Open Market Committee holds its scheduled meeting on March 17-18th.
Labor-sector reports showed mixed results for job growth. The government’s Non-Farm Payrolls report showed 273,000 public and private-sector jobs added in February, this pace was unchanged from January. ADP reported 183,000 jobs added in February as compared to 209,000 jobs added in January.
First-time unemployment claims fell to216,000 claims filed from the prior week’s reading of 219,000 new claims filed. Analysts expected 217,000 new claims filed. The national unemployment rate dropped to 3.50 percent in February as compared to January’s reading of 3.60 percent.
What’s Ahead
This week’s scheduled economic news includes readings on inflation and consumer sentiment. Weekly readings on mortgage rates and new jobless claims will also be released.
Heading to a new place can be an exciting time; however, this is going to have an impact on someone’s relationships with family members and friends. The idea of relocation can be stressful for these emotional attachments. This can cause some hesitation as individuals and families adjust to living in a new place.
These are a few tips that everyone should keep in mind.
Keep In Touch
Of course, one of the most important tips for coping with the move is to keep in touch. This doesn’t mean that these relationships need to die. Simply arrange ways to talk with each other.
This starts with phone calls, video chats, and emails. This is a great way to stay involved in the lives of close friends and family members. Once the move has settled, invite them out to take a look at the new place. It is exciting to move to a new city and this is an opportunity to share some hospitality with loved ones.
Memories Of Loved Ones Are Important
Be sure to take souvenirs, mementos, and reminders of the old home. Pictures are the easiest way to do this. Be sure to display these photos in conspicuous places in the new home. This will ensure that these relationships aren’t forgotten.
In addition to pictures, paperweights, trinkets, postcards, and other items make great mementos and can serve as decorations in the new home. Display these on a shelf or ledge where they can be seen. This will help someone adjust to living in a new place.
Explore The New City
It is important to move forward. In order for someone to truly be happy in a new place, they need to give this location a chance. Get out of the house and explore everything the new city has to offer. Check out the bars, shops, restaurants, community spaces, and people. This is extremely important. Try to make new friends and create a solid support structure in a new place.
While it is important to maintain old relationships with family members and friends, they will want you to be happy in your new home as well. Therefore, branch out and explore. This will make coping with the move easier.
If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted real estate agent and home mortgage professional.