Mortgage Market Commentary: Despite a very busy week of economic data for markets to digest, mortgage rates barely moved either direction, last week. Housing news came in strong with Existing Home Sales climbing to 5.26 million, the fifth month in a row over the 5 million mark. The Index of Leading Economic Indicators recorded its ninth month in a row without a negative reading. Both the Consumer and Producer Price Indices revealed sizable drops in energy prices, and muted inflation elsewhere. The minutes of the last Federal Reserve meeting didn’t shine much light on anything that we didn’t already know. The only weak reading of the week was a small decrease in Industrial Production. The strength of the US economy would normally be increasing mortgage rates, but the rest of the world is still struggling. This holiday-shortened week features two important economic reports, Consumer Confidence and the second revision to last quarter’s GDP. If both these reports significantly beat expectations, then we might see rates moving slightly higher. However, rates are more likely to remain comfortably level. Current Interest Rates: · 30 Year Fixed 3.990% (steady) · 30 Year Fixed (FHA) 3.375% (steady) · 15 Year Fixed 3.125% (steady) · 5 Year ARM 2.750% (steady) · 7 Year ARM 3.125% (steady) · 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, 24 Nov 2014 22:58:48 +0000