INTEREST RATES STEADY / EMPLOYMENT REPORT THIS FRIDAY

INTEREST RATES STEADY    /    EMPLOYMENT REPORT THIS FRIDAY

September 3rd, 2013

I hope everyone had a safe and enjoyable Labor Day weekend!!

Interest rates improved 4 of the 5 business days last week.  The Mortgage Backed Security Market closed the week trading up + 22 bps.  Unfortunately, the small gains of last week have been taken back with the market trading down – 27 bps on Tuesday morning. 

The 2 big things in the news this week that could affect interest rates are:

SYRIA

THE AUGUST EMPLOYMENT REPORT

Last week, both John Kerry and President Obama reiterated that any action against Syria would likely not result in troops on the ground.  With the White House trying to garner support for a strike against Syria, it appears something will happen at this point.  The market will keep close attention and pricing will move based upon the implications of any strike on the economy.

The all important employment report is released on Friday.  Pay more attention to job creation hitting their forecasts versus the unemployment percentage.  This August employment report is particularly important because it is the last employment report before the FED meeting on September 18th.  Strong numbers will definitely help the cause of tapering the stimulus.

LOCK RECOMMENDATION:

I still believe it is too risky to float right now especially with the Fed meeting coming up fast.  Even when we have seen rate improvement over the past 2 weeks, the gains have been small.  I don’t see any situation where rates will improve significantly from current levels outside of the FED announcing an extension of the stimulus. 

Make it a great week!!   

BEST VALUE OF THE WEEK:   

10 Year Fixed at 3.125% with .96 points        

TODAY’S RATES:

30 year fixed:     4.5% – .54 points,     4.625% – 0 points,     4.75% – $0 costs

20 year fixed:   4.25% – .52 points,     4.5% – 0 points,     4.625%  – $0 costs

15 year fixed:   3.5% – .73 points,     3.625% – 0 points,     3.875% – $0 costs

10 year fixed:   3.125% – .96 points,     3.5% – 0 points,     3.75% – $0 costs

5/1 ARM:   3.25% – .87 points,     3.75% – 0 points,     4.25% – $0 costs

7/1 ARM:    3.75% – .79 points,     4.25% – 0 points

30 year fixed FHA:    4% – .92 points,      4.25% – $0 costs

15 year fixed FHA:    3.5% – .77 points,     3.75% – $0 costs

30 year fixed VA:     4.25% – $0 costs

Today's Interest Rates - September 3rd, 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.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  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.

INTEREST RATES STEADY    /    EMPLOYMENT REPORT THIS FRIDAY

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