Great start to the week for mortgage rates! Mortgage Market Commentary: Defying practically every expectation and prediction, mortgage rates ended 2014 even lower than at the beginning of the year. Against a backdrop of economic improvement in the United States, rates were kept in check by both weak inflationary pressures and continued international, geopolitical tensions. Last week saw Consumer Confidence move slightly higher, while the respected ISM Manufacturing Survey notched back, but continued to reveal expanding manufacturing activity. The most important economic news of this week comes with Friday’s Employment Report. If the number of new jobs created is anywhere near expectations, along with the expected upward revisions to November’s number, we’ll end 2014 with around 3 million more jobs in the US. This puts us at the best year of job creation since 1999. In spite of this news that would usually push rates higher, we could see rates move further downward. If Greece announces that it is leaving the Eurozone, we could see another “flight to safety” of money flowing into US bonds, pushing rates even lower. Current Interest Rates: · 30 Year Fixed 3.750% (down .125% from last week) · 30 Year Fixed (FHA) 3.250% (down .125% from last week) · 15 Year Fixed 3.125% (down .125% from last week) · 5 Year ARM 3.125% (down .125% from last week) · 7 Year ARM 3.250% (down .125% from last week) · Call or Email for JUMBO rates *** The interest rates posted are approximate rates. Interest rates could be higher or lower depending on the loan amount, loan-to-value, credit score, debt ratio, etc. Chris Dueffert CRMS, MMS, NMLS #324110 Executive Vice President o: 952.921.3338 c: 612.801.4033 f: 952.230.7812 e: chris@rubiconmortgagellc
Posted on: Mon, 05 Jan 2015 14:42:46 +0000
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