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Mortgage Rates Update > 11/07/13

Graph of 30-Year Conventional Mortgage Rate
Major U.S. mortgage markets were quiet on Thursday ahead of Friday’s much anticipated Employment Situation Report. The bond market has been fluctuating since the government shutdown in October and Friday’s reporting will surely have a strong effect as well.

The average 30-year fixed rate held steady at the 4.30% range, as did the average 15-year fixed rate which held at the 3.37% range. The average 30-year FHA rate rose slightly to the 3.96% range. And the average 5/1 year ARM dropped a bit to the 3.22% range.

Mortgage Rates Update > 11/06/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Mortgage Rates had a relatively quiet day and saw little change on Wednesday ahead of economic data being released Thursday and Friday. Rates are already at mid-October highs and Thursday’s 3rd Qtr GDP report, delayed from the government shutdown, and Friday’s Employment Situation report could likely see more rate increases if the numbers are good.

The average 30-year fixed rate held steady at the 4.30% range, as did the average 15-year fixed rate which held at the 3.37% range. The average 30-year FHA rate rose slightly to the 3.96% range. And the average 5/1 year ARM dropped a bit to the 3.22% range.

Mortgage Rates Update > 11/05/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Mortgage Rates increased quickly on Tuesday to levels not seen since the worst days of the government shutdown. This time increases come with the release of more promising economic data from The Institute for Supply Management’s Non-Manufacturing Report on Business, which show more spending and growth in the corporate sector. With more data to be released on Thursday, it’s likely that rate increases will continue.

The average 30-year fixed rate increased sharply to 4.30%, as did the average 15-year fixed rate to 3.37%. The average 30-year FHA also rose to the 3.94% range. And the average 5/1 year ARM rose slightly to the 3.23% range.

Mortgage Rates Update > 11/04/13

Graph of Primary Mortgage Market Survey: 5-Year Adjustable Rate
Mortgage Rates begin the week holding steady after an up and down ride last week. There were no significant events or headlines to move financial markets and the Mortgage-Backed Securities had a relatively calm day. More Factory Order data is due out on Tuesday which could have an effect on rates moving forward.

The average 30-year fixed rate starts the week where it ended last week, at the 4.25% range. The same is true for the average 15-year fixed rate which held steady at 3.32%. The average 30-year FHA closed the day at the 3.89% range, while the average 5/1 year ARM increased slightly to the 3.22% range.

 

Mortage Rates Update > 11/01/13

Graph of Primary Mortgage Market Survey: 30-Year Fixed Rate
Mortgage Rates streaked upwards today amid promising economic data released by the National Institute for Supply Management. Higher interest rates are usually the sign of a good, or in our case improving economy. As individuals and corporations prosper, the demand for goods, services, and real estate increases, thus allowing the producers or lenders to capitalize on their leverage. As more promising data is released, one can expect to see rates increasing further.

The average 30-year fixed rate ended the week up from 4.15% to close at the 4.25% range, while the average 15-year fixed rate ended its week at the 3.32% range after starting the week at 3.25%. The average 5/1 year ARM saw an increase to close the week at the 3.21 range. The average 30-year FHA rate closed at 3.89%.

Mortgage Rates Update > 10/30/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Already at four month lows, U.S. Mortgage Markets began the day on the downward trend again. But, an afternoon announcement by the Fed to continue its bond buying program almost immediately halted all the momentum and sent rates back up to levels seen earlier in the week.

The next meeting to revisit the bond-buying program is in December, but Bernanke’s term is ending in February so it is unlikely that major changes would come with such a short time until his still unconfirmed replacement, Janet Yellen, is in the position.

The average 30-year fixed rate ended the bumpy ride just where it started, at the 4.15% range and the same is true for the average 15-year rate, which closed the day at the 3.25% range. The average 5/1 year ARM increased slightly to 3.15%

Mortgage Rates Update > 10/29/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Mortgage Rates hold steady for yet another day, staying in line with the lowest levels in four months. Most insiders don’t see any real change until the next employment situation report, set to be out next Friday. However some precursor reports will be out as soon as tomorrow including the ADP Employment Report, as well as an afternoon policy announcement by the FOMC.

The average 30-year fixed rate held steady again to remain at the 4.15% range, with the 15-year fixed rate also holding at the 3.25% range. The average 5/1 year ARM held firm at the 3.14% range

Mortage Rates Update > 10/28/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Mortgage Rates held steady today, staying with the lowest levels seen in four months. There were no significant events or headlines to move financial markets and the Mortgage-Backed Securities had a relatively calm day.

The average 30-year fixed rate is at the 4.15% range. The average 15-year fixed rate is holding at the 3.25% range, while the average 5/1 year ARM saw little movement at remains at the 3.14% range.

Mortgage Rates Update > 10/28/13

Graph of Primary Mortgage Market Survey: 15-Year Fixed Rate
Mortgage Rates held steady today, staying with the lowest levels seen in four months. There were no significant events or headlines to move financial markets and the Mortgage-Backed Securities had a relatively calm day.

The average 30-year fixed rate is at the 4.15% range. The average 15-year fixed rate is holding at the 3.25% range, while the average 5/1 year ARM saw little movement at remains at the 3.14% range.

Mortgage Rates Update > 10/25/13

Graph of 30-Year Conventional Mortgage Rate
The markets were still yet again today, ending the second consecutive week of substantial improvement. These improvements in mortgage rates can be attributed to several factors of the improving economy; one of these is actually lay-offs. Bank of America announced today that it will lay off over 1,000 employees who work on refinancing, with another 3,000 who work on problem loans to be released by years end. It’s actually good news; the less bad mortgages and refinances being processed, the less people needed to work to repair them.

The average 30-year fixed rate ended the week at around 4.15%, down from last weeks close at 4.25%. The average 15-year rate closed at the 3.25% range, down considerably from last weeks close at 3.25%. The average 5/1 year ARM ends the week where it started, at the 3.14% range.