Monday Mortgage Update! Mortgage Market Commentary: Looking at a recent graph of mortgage rates, one might conclude that not much is influencing rates at all, over the last few months. However, that would be a poor conclusion. Markets are being tugged hard in two very distinct directions. On one hand, we continue to see improvement in the US economy, with GDP bouncing upward to 4%, last week. The Fed has also reconfirmed its belief that the economy is moving away from needing accommodation and will eventually need some throttling to contain inflation. On the other hand, a number of global crisis are keeping markets contained. One thing that is becoming clearer to most analysts is that the US economy is healing, and with that will come increasing interest rates. Of course, no one is able to predict how soon that will happen. This week has significantly fewer important economic data point due. As such, rates may not move much on this week’s data, but if all the data is positive, rates could tick slightly upward. Of course, negative news on the international stage will help to keep rates from moving very much. Current Interest Rates: · 30 Year Fixed 4.125% · 30 Year Fixed (FHA) 3.625% · 15 Year Fixed 3.250% · 5 Year ARM 2.990% · 7 Year ARM 3.250% · 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, 04 Aug 2014 13:23:41 +0000