RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

August 5th, 2013

It was quite a roller coaster week as rates went up for the majority of the week, then took back the losses on Friday.  At the end of the week, the Mortgage Backed Security market closed trading up + 8 bps, with the market improving over 100 basis points on Friday alone.  

The July employment report was the catalyst for the rate improvement on Friday.  Non-Farm payroll jobs were below forecasts and the numbers for June were revised lower.  Even though the unemployment percentage went down, the lower than expected job growth numbers caused a big rise in the MBS market.

Also on Friday, a Fed member stated publicly that the FED would taper it’s bond purchasing program when current economic data supported economic growth, not on the FED’s own internal forecasts.  This is reassurance to the market that the FED won’t slow the stimulus based on projections versus real data. 

Still the MBS market was not able to go above it’s 10 day moving average of resistance.  This could mean that traders will not purchase Mortgage Backed Securities over a certain amount, period.

I still think the prospect of 30 year fixed rates improving much past 4.25% are slim, and locking is the best option. 

Make it a great week!!

BEST VALUE OF THE WEEK:              

20 Year Fixed at 4.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.375% – .65 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .85 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .84 points,     3.625% – 0 points,     3.875% – $0 costs

5/1 ARM:   2.875% – .85 points,     3.375% – 0 points,     3.875% – $0 costs

7/1 ARM:    3.25% – .99 points,     3.875% – 0 points,     4.5% – $0 costs

10/1 ARM:    4% – .87 points,     4.5% – 0 points

30 year fixed FHA:    3.75% – .64 points,     4% – 0 points,      4.25% – $0 costs

15 year fixed FHA:    3.25% – .17 points,     3.5% – 0 points,      3.75% – $0 costs

30 year fixed VA:     4% – .42 points,     4.25% – $0 costs

Today's Interest Rates - August 15th, 2013

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.  Arizona refinance, California refinance, Colorado refinance.  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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

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