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 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
