WEEKLY RATE – Mortgage Rates Continue to Move Higher After Employment Data

November 2015

We are officially in a rising interest rate environment with interest rates moving up for the 3rd straight week.

Last week, the October US Non Farm Payroll report estimated job creation at 271,000 jobs – substantially higher than the market prediction of about 180,000 jobs. This caused another sell off in the Mortgage Backed Security (MBS) market closing down – 74 bps on the week.

Interest rates have moved up about .25% over the past 2 weeks and the market continues to remain bearish.

With the better than expected job creation, most now expect the FED’s FOMC to raise the Federal Funds rate at their December meeting.

I’m recommending to all my clients to lock rate pricing to prevent further losses.

For a free email mortgage quote, please answer questions on the right or go to:

WWW.FREEMORTGAGEQUOTE.BIZ

Below are today’s interest rates. Have a great week!!

TODAY’S INTEREST RATES:

30 year fixed:      4.125% – .434 points (4.21% APR),      4.25% – 0 points (4.28% APR)

20 year fixed:       3.875% – .68 points (4.01% APR),       4.0% – 0 points (4.03% APR)

15 year fixed:       3.25 % – .86 points (3.42% APR),       3.5% – 0 points (3.53% APR)

10 year fixed:      3.125% – 1 point (3.32% APR),       3.375% – 0 points (3.4% APR)

5/1 ARM:       3.5% – 1 point (3.7% APR),        4.125% – 0 points (4.15% APR)

7/1 ARM:       3.625% – .98 points (3.82% APR),        4.125% – 0 points (4.15% APR)

30 year fixed FHA:        3.75% – .71 points (4.59% APR),        4.0% – 0 points (4.7% APR)

15 year fixed FHA:        3.375% – .86 points (3.84% APR),        3.625% – 0 points (3.92% APR)

30 year fixed VA:        3.75% – .96 points (3.95% APR),         4.0% – 0 points (4.05% APR)

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WEEKLY RATE – Mortgage Rates Continue to Move Higher After Employment Data