MORTGAGE RATES MOVE HIGHER WITH APRIL EMPLOYMENT REPORT
May 6th, 2013
Interest rates have steadily moved lower for the majority of April. Most economic reports were down and most investors didn’t expect an improved April employment report. When the report was released, the market’s response was immediate.
The stock markets soared and the mortgage backed security market ended the day trading down (– 61 bps).
The unemployment rate dropped to 7.5% and there were also revisions to the March report showing 50k more jobs than previously reported. Whenever there is increased economic optimism, there will be talk of the FED exiting their mortgage backed security purchasing plan. Whenever this happens, prepare for interest rates to jump quickly and much higher than the recent jumps.
My outlook in May is that you won’t see rates drop and mortgage backed securities being bought as aggressively as April. There will be caution that there could be another higher than expected employment report for May.
Rates are still great – my recommendation is to lock as I think rates will likely rise in May.
Make it a great week!!
BEST VALUE OF THE WEEK:
30 Year Fixed at 3.625% paying 0 costs
TODAY’S RATES:
30 year fixed: 3.375% paying .74 points, 3.5% paying 0 points, 3.625% – $0 costs
20 year fixed: 3.125% paying 1 point, 3.5% paying 0 points, 3.625% – $0 costs
15 year fixed: 2.5% paying .6 points, 2.75% paying 0 points, 2.875% – $0 costs
5/1 ARM: 2.125% paying .97 points, 2.375% paying 0 points, 2.625% – $0 costs
7/1 ARM: 2.375% paying .75 points, 2.625% paying 0 points, 2.75%- $0 costs
30 year fixed High Balance Loan: 3.625% paying .52 points; 3.75% paying 0 points, 3.875% – $0 costs
30 year fixed FHA: 3% paying .99 points; 3.25% – $0 costs
15 year fixed FHA: 2.5% paying .91 points, 2.75% paying 0 points, 2.875% – $0 costs
30 year fixed VA: 3.25% – $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
MORTGAGE RATES MOVE HIGHER WITH APRIL EMPLOYMENT REPORT
