INTEREST RATES IMPROVE FOR FOUR STRAIGHT DAYS
November 18th, 2013
After a steep rise following the October employment report – mortgage interest rates got an unexpected boost from the confirmation hearing of Janet Yellen – the nominee to replace Ben Bernanke as the FED chief.
In prepared remarks – Janet Yellen reiterated her belief that the FED should continue to use it’s monetary tools to aid the economic recovery. Her belief is that although the economy has improved, it is still not where it needs to be and the FED should continue to support the recovery.
This is big news. I believed that interest rates were going to continue to go higher through most of November due to the higher than forecast October employment report. Rates are now back to the levels before the employment report – with rates improving for the 4th straight day on Monday.
The longer the markets believe the FED will delay bond tapering, the longer interest rates will stay at current levels or possibly improve slightly. Unless the FED announces a set plan to purchase bonds for a longer period of time, interest rates can only improve so much.
Good time to lock in again with interest rates improving for 4 straight days. The FED minutes will be released on Wednesday, November 20th, which should give us more insight on the direction of the FED and a possible taper with it’s December meeting.
Make it a great week!!
BEST VALUE OF THE WEEK:
20 Year Fixed 4.125% with 0 points
10 Year Fixed at 3.125% with 0 points
TODAY’S RATES:
30 year fixed: 4.125% – 1 point, 4.375% – 0 points, 4.5% – $0 costs
20 year fixed: 4% – .27 points, 4.125% – 0 points, 4.25% – $0 costs
15 year fixed: 3.25% – .75 points, 3.375% – 0 points, 3.5% – $0 costs
10 year fixed: 2.875% – 1 point, 3.125% – 0 points, 3.5% – $0 costs
5/1 ARM: 2.625% – .75 points, 2.875% – 0 points, 3.25% – $0 costs
7/1 ARM: 3% – .90 points, 3.25% – 0 points, 3.5% – $0 costs
30 year fixed FHA: 3.75% – .0 points, 3.875% – $0 costs
15 year fixed FHA: 3.25% – 0 points, 3.375% – $0 costs
30 year fixed VA: 3.75% – .35 points, 3.875% – 0 points, 4.125% – $0 costs
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INTEREST RATES IMPROVE FOR FOUR STRAIGHT DAYS
