Weekly Mortgage Update! Rates moved DOWN! Mortgage rates moved downward, last week, after the Bureau of Economic Analysis announced that GDP had plummeted by a whopping 2.9% in the first quarter of this year. A significantly larger-than expected revision downward would often drive a large pullback in equity markets and significant rallies in bond markets. However, markets mostly shrugged, focusing on more current data that shows that the economy is on positive footing here in the second quarter. Both Existing and New Home Sales data revealed improvements, and Consumer Confidence ticked upward again. This holiday-shortened week has two very significant economic reports due. The ISM Manufacturing Index is predicted to show a slight improvement, while the unemployment report is expected to reveal that the economy produced 210,000 jobs with an unchanged unemployment rate. After last week’s surprise revision to GDP, if these two reports fall short, we could see some nervousness creeping into the market, and with it, mortgage rates could move further downward. Current Interest Rates: · 30 Year Fixed 4.000% · 30 Year Fixed (FHA) 3.750% · 15 Year Fixed 3.000% · 5 Year ARM 2.750% · 7 Year ARM 3.125% · 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: Wed, 02 Jul 2014 00:27:10 +0000
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