WEEKLY RATE – Interest Rates Rise After Trump Win
Donald Trump winning the election on November 8th sent shock waves across the financial markets pushing interest rates about .375%-.5% higher than before the election.
Many sectors of the stock market are up and the Mortgage Backed Security (MBS) market has tanked since the election. From Wednesday to Monday, the MBS market dropped an astonishing -230 bps. That’s close to the largest short term fall I’ve ever seen in 3 business days.
The bond market dropping is pushing interest rates to the highest levels we’ve seen in some time. I was expecting some correction in the market (which we did see some small improvement this Tuesday) but nothing major has happened and it may not, as much of this trading appears irrational thus hard to predict.
I’ve never seen an election affect interest rates anywhere near this one as usually there isn’t much interest rate and bond market movement. The market clearly didn’t expect Trump to win and his election victory is causing major movement that is typically already baked into the market once the election happens.
With this unpredictable market and the threat of the FED raising rates in December, it’s much safer to lock versus floating.
On the bright side, well qualified borrowers can still get a rate in the 3%’s. Things could be worse.
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Below are today’s interest rates. Have a great week!!
TODAY’S INTEREST RATES:
30 year fixed: 3.875% – .84 points (4.04% APR), 4.125% – 0 points (4.16% APR)
20 year fixed: 3.625% – .89 points (3.81% APR), 3.875% – 0 points (3.9% APR)
15 year fixed: 3.125% – 1 point (3.32% APR), 3.375% – 0 points (3.4% APR)
10 year fixed: 3.0% – 1 point (3.2% APR), 3.25% – 0 points (3.3% APR)
5/1 ARM: 3.5% – 1 point (3.7% APR)
7/1 ARM: 3.625% – 1 point (3.83% APR)
30 year fixed FHA: 3.5% – .82 points (4.36% APR), 3.75% – 0 points (4.45% APR)
15 year fixed FHA: 3.125% – .99 points (3.62% APR), 3.375% – 0 points (3.68% APR)
30 year fixed VA: 3.5% – 1 point (3.7% APR), 3.75% – 0 points (3.8% APR)
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, Colorado, Washington, and Virginia. Arizona Home Loans, California Home Loans, Colorado Home Loans, Washington Home loans, Virginia 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, HARP 3.0 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. November 16th 2016 30 year fixed rates, November 17th 2016 30 year fixed rates, November 18th 2016 30 year fixed rates, November 19th 30 year fixed rates, November 20th 2016 30 year fixed rates, November 21st 2016 30 year fixed rates, November 22nd 2016 30 year fixed rates.
WEEKLY RATE – Interest Rates Rise After Trump Win
