The Labor Department reports new applications for unemployment benefits jumped by 15,000 to 258,000 last week. That matched a two-month high. Economists expected 240,000. New jobless claims bottomed out at 210,000 the week of February 25 for the lowest level since December 6, 1969. Continuing claims fell 39,000 to 2 million the week ended March 11.
Freddie Mac reports mortgage rates are down. 30-year fixed-rate mortgage averaged 4.23% this week, down from last week’s 4.30%. A year ago it was 3.71%. The 15-year fixed averaged 3.44% down from 3.50%. A year ago it was 2.96%.
The Commerce Department reports new home sales were up in February. They hit a seasonally adjusted annual rate of 592,000. That’s 6.1% higher than in January and 12.8% above February’s 2016. Economists expected only 571,000 annually. The median sales price was $296,200.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
