The Unemployment Line is Growing

April 20, 2020

Last Week in Review: The Unemployment Line is Growing

The leading indicator on the health of the job market is the Initial Jobless Claims report, which essentially tells us the length of the unemployment line. And that line just grew.

Over the past four weeks, approximately 22 million people have filed for unemployment benefits, erasing nearly a decade worth of job creation.

Although the unemployment rate is likely 13% or higher, this is temporary in nature due to the coronavirus. We expect many people will be headed back to work relatively soon as the virus passes.

We won't see the "pre-virus" 3.5% unemployment numbers for some time. However, the economy is expected to bounce back sharply as pockets of the country begin to reopen, putting people back to work.

There remains incredible opportunity during these uncertain times. Home loan rates are at all-time lows, affording many people the opportunity to refinance and restructure their personal debt.

With the Fed continuing to buy mortgage-backed securities, rates should hover near current levels for the foreseeable future.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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An Equal Housing Opportunity Lender. Copyright 2007 - 2022 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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