Mortgage rates edged higher, first time unemployment benefits decline, Amazon invading space of UPS and FedEx
October 05, 2017
Mortgage rates edged higher in the latest week though still remain just above all-time low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 3.85% this week with an average 0.5 point added on top of the rate. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Freddie Mac makes owning a home possible for millions of families and individuals by providing mortgage capital to lenders.
Americans filing for first-time unemployment benefits continued to decline in the latest week after the spike in claims due to storms Irma and Harvey. Weekly Initial Jobless Claims fell by 12,000 in the latest week to 260,000, below the 265,000 expected for the week ended September 30. Claims surged at the time the storms hit reaching nearly 300,000 from a low of 236,000 in late August. Unemployment benefits have remained below the 300,000 mark, which is considered a strong jobs market, for 135 consecutive weeks, the longest stretch since 1970 when the labor market was smaller.
Amazon Inc. is invading the space of UPS and FedEx with a new delivery service to make more products available for free two-day delivery and to ease the intense overcrowding at its warehouses. The service was rolled out in India two years ago and the company has been reaching out to U.S. merchants for national expansion here in the States. Amazon is looking for greater flexibility and control on deliveries and to save money at the same time. The question is for Amazon … what space will they invade next?
