MORTGAGE RATES INCH HIGHER – 30 YEAR FIXED TO 3.375%
October 8th, 2012
Last week the mortgage backed security market told 2 stories.
The MBS market closed (+ 50 bps) from Monday to Tuesday. This continued the trend of rates dropping since the FED announced QE3. But every positive interest rate streak will eventually end and pull back the other way.
From Wednesday to Friday, the MBS market closed down (– 84 bps), finishing the week (– 34 bps).
The week was capped off with the September unemployment rate dropping from 8.1% to 7.8% with 114,000 new jobs created. There was a lot of controversy regarding the validity of the report – but either way the MBS market had a mini sell off and closed the week down.
Mortgage rates are still very low, but a bit higher than their previous lows. The bond market is closed Monday due to Columbus Day.
I don’t expect a ton of rate movement next week, but I do think rates may improve a bit, taking back some of the losses of last week.
Keep in mind most news websites/channels report when rates drop but not so much when they rise. Rates are always fluctuating until a loan is locked.
My best value of the week:
30 Year Fixed at 3.5% paying 0 points
Below are rates available today paying a point or less:
30 year fixed: 3.375% paying .69 points, 3.5% paying 0 points
20 year fixed: 3.25% paying .79 points, 3.5% paying 0 points
15 year fixed: 2.75% paying .81 points, 3% paying 0 points
5/1 ARM: 2.25% paying .98 points, 2.75% paying 0 points
7/1 ARM :2.5% paying .77 points, 2.75% paying 0 points
30 year fixed High Balance Loan: 3.5% paying .49 points; 3.625% paying 0 points
30 year fixed FHA: 3.25% paying 0 points
15 year fixed FHA: 2.75% paying 0 points
30 year fixed VA: 3.25% paying 0 points
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Mortgage Rates Inch Higher – 30 Year Fixed to 3.375%