RATES IMPROVE WITH LOWER CONSUMER CONFIDENCE LEVELS

RATES IMPROVE WITH LOWER CONSUMER CONFIDENCE LEVELS

February 26th, 2014

Interest rates have been very skittish over the past few weeks. Last week the Mortgage Backed Security (MBS) market closed down – 22 bps. On Monday February 24th, the market was again selling lower pushing rates close to their highest levels in 3-4 weeks. At the end of the day , the market rebounding closing in positive territory. On Tuesday February 25th, the consumer confidence report came in much lower than expected – giving the MBS market and interest rates a huge boost.

After the dust settled – interest rate pricing improved approximately .35 points at each rate. 30 year fixed loans are pricing at 4.375% paying a portion of a point, 4.5% paying 0 points. 15 year fixed loans are pricing at 3.375% paying a portion of a point, 3.5% paying 0 points.

The poor economic reports are starting to become worrisome as it’s becoming clear that poor economic performance is not directly related to the bad weather on the East Coast. Consumer confidence is waning and the housing market is slowing. This could help interest rates, but I think rates could possibly go up on Thursday due to Janet Yellen’s testimony with the Senate.

During her last testimony to Congress, she made it very clear the FED’s intent to continue to taper bond purchasing and eliminate Quantitative Easing in 2014. Rates went up a lot the day of that testimony. I expect her to reiterate those same intentions on Thursday, which could cause a similar reaction.

Regardless of what happens – 30 year fixed pricing has maintained levels from 4.25% – 4.5% for going on 6 months now and I expect rates to remain in that narrow range.

Below are today’s interest rates and have a wonderful week!!

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.5% with 0 points
30 Year Fixed VA Loan at 4.875% with 0 points

TODAY’S INTEREST RATES:

30 year fixed:       4.375% – .46 points,      4.5% – 0 points,       4.625% – $0 costs

20 year fixed:       4.125% – .44 points,       4.25% – 0 points,      4.375% – $0 costs

15 year fixed:      3.375% – .51 points,       3.5% – 0 points,       3.625% – $0 costs

10 year fixed:       3.125% – .55 points,        3.375% – 0 points,      3.5% – $0 costs

5/1 ARM:       2.875% – .72 points,        3.125% – 0 points,        3.625% – $0 costs

7/1 ARM:       3.125% – .85 points,        3.375% – 0 points,       3.625% – $0 costs

30 year fixed FHA:       3.75% – .68 points,       4% – 0 points,       4.125% – $0 costs

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

30 year fixed VA:       3.75% – .34 points,      3.875% – 0 points,       4.125% – $0 costs

Today's Interest Rates - February 26th, 2014

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. McCormick Ranch Loan Officer. 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 WITH LOWER CONSUMER CONFIDENCE LEVELS

INTEREST RATES MOVE HIGHER

INTEREST RATES MAKE MOVE HIGHER

February 18th, 2014

I hope everyone had a nice Valentine’s day and the day off for President’s day.

After steadily improving for most of 2014, mortgage interest rates finally moved higher last week. The Mortgage Backed Security (MBS) market finished the week trading down -54 basis points, pushing 30 year fixed conforming rates to 4.375% costing .83 points at the end of the day on February 14th, 2014. 15 Year Fixed conforming rates did not move as much, but finished Friday at 3.375% costing .7 points.

Janet Yellen’s (the new FED Cheif) testimony last week made it very clear the FEDs outlook on the economy and Quantitative Easing moving forward. Yellen was enthusiastic about increased growth in the US economy in 2014, and mentioned that the slower growth in 2014 thus far could be a factor of the bad weather that has hurt the economy on the East coast – where a large share of the economy lives and works.

She also stated that the FED would continue to taper the stimulus QE3 and that they should be out of the market completely by the end of 2014. This is big news and likely means the FED will taper at every meeting this year until there is no more to taper. With the FED getting out of the mortgage business – the long term interest rate outlook remains one of increasing interest rates. Remember, the FED getting into the MBS market pushed rates to their historically low levels 3 years ago. With the FED getting out of the MBS market, interest rates should continue to go up.

Have a great week!!

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.5% with 0 points
7/1 ARM at 3.375% with 0 points

TODAY’S INTEREST RATES:

30 year fixed:      4.375% – .83 points,      4.5% – 0 points,       4.625% – $0 costs

20 year fixed:     4.125% – .88 points,       4.375% – 0 points,       4.5% – $0 costs

15 year fixed:       3.375% – .7 points,      3.5% – 0 points,      3.75% – $0 costs

10 year fixed:       3.125% – .67 points,       3.375% – 0 points,        3.5% – $0 costs

5/1 ARM:       2.875% – .72 points,       3.125% – 0 points,       3.375% – $0 costs

7/1 ARM:       3.125% – .95 points,      3.375% – 0 points,        3.625% – $0 costs

30 year fixed FHA:       3.75% – 1 point,       4% – 0 points,       4.25% – $0 costs

15 year fixed FHA:       3.25% – .1 points,        3.375% – 0 points,        3.5% – $0 costs

30 year fixed VA:       3.875% – .24 points,        4% – 0 points,        4.125% – $0 costs

Today's Interest Rates - February 18th, 2014

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.  Scottsdale Mortgage Banker.  McCormick Ranch Mortgage Loan Officer.  February 18th, 2014 Mortgage Interest Rates, February 19th 2014 Mortgage Interest Rates, February 20th 2014 Mortgage Interest Rates, February 21st 2014 Mortgage Interest Rates, February 22nd 2014 Mortgage Interest Rates, February 23rd 2014 Mortgage Interest Rates, February 24th 2014 Mortgage Interest Rates

INTEREST RATES MOVE HIGHER

 

INTEREST RATE PRICING STAYS IN NARROW RANGE

INTEREST RATE PRICING STAYS IN NARROW RANGE

February 10th, 2014

Interest rate pricing was all over the place last week.  On Monday, interest rates hit their lowest levels in about 3 months.  Interest rates went higher the rest of the week until the January employment report was released on Friday.  For the third month straight, job creation was lower than forecasts.  This would normally cause a big movement for better interest rates but the improvement wasn’t as much as expected.

Overall on the week, the Mortgage Backed Security market traded lower – 6 bps.  When the dust settled, interest rate pricing remained in a narrow range and mortgage interest rates are basically where they were at the beginning of last Monday.

In 2014, interest rates have fallen at some of the fastest levels in the past 2 years.  The main reason is usually interest rate pricing fluctuates more going up and down, but interest rates have improved for 5 week straight weeks before last week. 

There is some concern that the lower trend has come to an end with the market not moving as much as expected with a poor employment report.  It’s tough to call right now, but I see interest rates remaining fairly stable for the time being.  There is still a limit to how much interest rates can really improve with the FED tapering.  The interest rates in the low 3%’s won’t be back, but you could see interest rates going a little bit lower than today’s levels.   

This week Janet Yellen will make her first testimony to Congress.  Not much new information is expected to be deemed from this testimony, but it will be her first time before Congress as the new FED Cheif.

Have a great week!!

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.5% with 0 points

7/1 ARM at 3.375% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – .8 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4% – 1 point,     4.25% – 0 points,     4.375%  – $0 costs

15 year fixed:   3.375% – .38 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3% – .66 points,     3.25% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.75% – 1 point,     3.125% – 0 points,     3.5% – $0 costs

7/1 ARM:    3.125% – .88 points,     3.375% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – .6 points,     3.875% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – 0 points     3.5% – $0 costs

30 year fixed VA:     3.75% – .42 points,    3.875% – 0 points,      4.125% – $0 costs

Today's Interest Rates - February 10th, 2014

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.  McCormick Ranch Loan Officer.  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.  February 10th 2014 30 year fixed rates, February 11th 2014 30 year fixed rates, February 12th 2014 30 year fixed rates, February 13th 2014 30 year fixed rates, February 14th 2014 30 year fixed rates, February 15th 2014 30 year fixed rates, February 16th 2014 30 year fixed rates, February 17th 2014 30 year fixed rates.

INTEREST RATE PRICING STAYS IN NARROW RANGE

LOWEST INTEREST RATES IN OVER 2 MONTHS

LOWEST INTEREST RATES IN OVER 2 MONTHS

February 3rd, 2014

Interest rates are on quite the hot streak with weakness in global equity markets causing investors to seek the safety of Mortgage Backed Securities. The DOW Jones is down over 5% on the year, and the MBS market has closed better each week in 2014.

DOW

Last week the MBS market closed + 39 bps on the week – improving rate pricing about .25 pts over the previous week.

The fascinating part of this recent rate down turn is the FED has continued to taper their stimulus and interest rates are still improving. On Wednesday, the FED announced another 10 million drop in asset purchasing and Janet Yellen officially took over for Ben Bernanke heading the FEDERAL RESERVE BOARD. The FED tapering is hurting the stock market, which in turn is helping interest rates. It appears the market did so much in 2013 to brace for the FED tapering, that when it actually happened, the increase in rates was already accounted for.

Janet Yellen

We now mark the 5th week in a row rates have improved. The improvement has been very gradual with no huge drop in rates in any week. I think we are bound to get a pull back soon, and I recommend taking these gains and locking in. Rates are at their lowest levels since November 20th.

This week is employment report week. The January jobs report will be released on Friday morning. The report typically causes a lot of rate volatility and shapes where interest rates will go over the next month. The December employment report was substantially below expectations which has helped interest rates so far in 2014.

Have a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed at 4.125% with 0 points

10 Year Fixed at 3.125% with 0 points

TODAY’S RATES:

30 year fixed:      4.25% – .73 points,      4.5% – 0 points,       4.625% – $0 costs

20 year fixed:      4% – .7 points,       4.125% – 0 points,       4.25% – $0 costs

15 year fixed:       3.375% – .44 points,       3.5% – 0 points,       3.625% – $0 costs

10 year fixed:       3% – .51 points,        3.125% – 0 points,        3.5% – $0 costs

5/1 ARM:       2.75% – 1 point,        3.125% – 0 points,        3.5% – $0 costs

7/1 ARM:      3.125% – .92 points,      3.375% – 0 points,      3.625% – $0 costs

30 year fixed FHA:       3.75% – .35 points,       3.875% – 0 points,       4.125% – $0 costs

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

30 year fixed VA:      3.75% – .29 points,       3.875% – 0 points,       4.125% – $0 costs

Today's Interest Rates - February 3rd, 2014

Today’s Mortgage Interest Rates. February 3rd 2014 30 year fixed rates, February 4th 2014 30 year fixed rates, February 5th 2014 30 year fixed rates, February 6th 2014 30 year fixed rates, February yth 2014 30 year fixed rates, February 8th 2014 30 year fixed rates, February 9th 2014 30 year fixed rates, February 10th 2014 30 year fixed rates.  Scottsdale, Arizona Mortgage Banker.  Arizona home loan rates.  California Home loan rates,  Colorado home loan rates.  McCormick Ranch Mortgage Direct Lender.  FED taper January 29th, 2014.

LOWEST INTEREST RATES IN OVER 2 MONTHS

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