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
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INTEREST RATE PRICING STAYS IN NARROW RANGE
