Articles Tagged With: Interest Rates

September 12, 2016

Mortgage Loan Interest Rate Trends: 60-Day Highs

Mortgage rates turned up sharply on Friday after a press conference by the European Central Bank (ECB). There is speculation among market watchers that Friday could be the beginnings of an upward trend in rates, but the talk at the time of this writing is just that-speculation. However, even though past performance does not guarantee future results (especially where markets are concerned) it may be wise to consider the advice of the market watcher for now-we simply can’t predict which way markets might swing next in a post-Brexit climate that includes both the Fed and ECB talking about the future of monetary policy with regards to interest rates, etc. While it’s true that best execution rates for 30-year fixed rate conventional mortgages look the same on paper at the time | more...

August 31, 2016

Mortgage Loan Interest Rate Trends: Slightly Higher For Some

By Joe Wallace

Monday saw mortgage loan interest rates taking back a bit of ground from Friday’s move higher; Tuesday saw some lenders keeping things unchanged while others moved a bit higher. There are some question marks around scheduled economic data releases on Wednesday and Friday, which could resolve as upward pressure on rates depending on investor reaction to Wednesday’s Pending Home Sales report and a national employment report also due on Weds. These reports in and of themselves don’t “do” anything to mortgage loan rates, it’s the behavior of the investors in the wake of those reports that creates the changes in rates we see depending on how those reports go. Friday is another day of employment data with the Employment Situation report-something that has moved rates in the past due to | more...

August 22, 2016

Mortgage Rate Trends: Slightly Higher

By Joe Wallace

Mortgage loan interest rates were up and down last week, closing on Friday slightly higher ahead of a week that could have major impact on interest rates depending on what Fed Chair Janet Yellin says during a conference in Wyoming. Anytime the Fed or its chairperson has something to say about the possibility or timing of another interest rate hike, we see great potential for volatility in mortgage loan interest rates. That’s due to investor reaction to the statements, as mortgage loan interest isn’t directly tied to events like these. The Wall Street Journal has something to say about this week’s event which may shed a bit of light on why so much attention is paid recently to the Fed and interest rate policy: “The proverbial ‘all eyes’ are turning | more...

August 3, 2016

Mortgage Loan Interest Rate Trends: Higher On Tuesday

By Joe Wallace

Mortgage loan rates pushed slightly higher on Tuesday, thanks in part to bond market activity. There are also scheduled economic data releases this week that have the power to move mortgage loan rates depending on investor reaction to the data in those reports. Market watchers aren’t optimistic that lower rates are coming in the short term, while pointing out that we are still in a range of low rates. 30-year fixed rate conventional mortgages are, at the time of this writing, in a best execution range between 3.375% and 3.5%. That’s up slightly from the a previous range that had 3.625% at the bottom end. FHA mortgage loan rates hold steady at a best execution 3.25%. FHA rates tend to vary more among participating lenders so your experience here may | more...

July 28, 2016

Mortgage Rate Trends: Slightly Lower After Fed

By Joe Wallace

All eyes were on the Fed on Wednesday, with investors looking for any sign of a Fed move to hike interest rates. Some market watchers thought the Fed might drop a hint or make specific statements about what it might do in the next meeting; the Fed made no such statements. The reaction to this was mixed, some lenders repriced for the better, but not all. You may see changes in the next business day but as it stands at the time of this writing, things are (best execution) more or less where they were yesterday, with some lenders offering slightly lower rates or closing costs. 30-year fixed rate best execution interest rate numbers are at or near 3.5% at the time of this writing, with FHA mortgage rates still | more...

July 27, 2016

Mortgage Loan Interest Rate Trends: Highest In Four Weeks

By Joe Wallace

There have been many influences on lower mortgage rates as of late, and as the trend has shifted to a move higher, we’re seeing stateside economic data returning to a greater place of influence over rates than Brexit headlines. One good example? All eyes are turning to the Fed this week-nobody expects the Fed to make any earth-shattering pronouncements, but investor reaction to this week’s activity could well pressure rates higher depending on circumstances. In the shadow of a Fed policy announcement on Wednesday, mortgage rates pushed higher on Tuesday, putting 30-year conventional fixed rate loans more solidly in 3.5% best execution territory. FHA mortgage loan rates, at the time of this writing, are at a best execution 3.25%. As always, best execution rates assume ideal conditions. A borrowers FICO | more...

July 19, 2016

Mortgage Rate Trends: Unchanged To Slightly Higher

By Joe Wallace

Mortgage loan interest rates were unchanged to slightly higher on Monday, though some borrowers will have noticed Monday’s changes in the form of slightly higher closing costs rather than an actual change in mortgage rates. We’re watching an overall upward trend in rates at the moment. World headlines continue to have potential to move rates, though the market hasn’t given much attention to certain issues such as the unrest in Turkey. 30-year fixed rate conventional mortgages were still at or near 3.375% best execution, depending on the lender and other factors. Some lenders are higher, some reflect the most recent moves in terms of adjusted closing costs (as mentioned above). FHA mortgage loan rates remain in their 3.25% best execution comfort zone. “Best execution” refers to the rates offered under | more...

July 11, 2016

Mortgage Rate Trends: Higher, Then Steady After Friday Jobs Report

By Joe Wallace

In our last report we mentioned that it wouldn’t be a surprise that, in our next look at mortgage loan interest rate trends if we had some higher rates to discuss. That did happen last Thursday as mortgage loan rates crept a bit higher, but when markets closed on Friday after the much-anticipated jobs report, rates were holding steadier than the day before. That means that following a nine-day winning streak with lower rates, 30-year fixed rate conventional mortgages are now within a range, best execution, of between 3.25% for some lenders and 3.375% for others. It’s not often that conventional lenders offer rates in the same range as FHA loans, and FHA’s best execution 3.25% remains for now; if conditions stay the same (more or less) we could find | more...

July 7, 2016

Mortgage Rate Trends: Still Moving Lower

By Joe Wallace

Mortgage rates moved lower for an eighth straight business day on Wednesday. We’re devoting some extra coverage to rates this week as the historic lows continue, but it’s entirely likely that our next report in the short term could be on rates moving higher; this is a common factor in prolonged short-term rate improvements. There has been, in the past, a string of days where rates move lower due to a variety of factors, then a “bounce back” where the trend is broken due to economic data releases, breaking news, or some other issue that puts upward pressure back onto mortgage loan rates. Eight days of a downward trend is a long time in the short term, and while Brexit drama has been dominating the headlines and influencing rates here | more...

June 28, 2016

Mortgage Rate Trends: Still Moving Lower After Brexit Vote

By Joe Wallace

Mortgage loan rates dropped sharply after the news of the Brexit vote last week, and the fallout from that outcome is still affecting mortgage rates in the short term. The popular vote in Britain to leave the EU is not legally binding-the government there must still make procedural moves to actually depart, and there’s some uncertainty over when or even IF that might happen. Talk of a second referendum is in the news, as well as talk about the “what if” notion of the government in Britain simply doing nothing, not departing the EU in spite of the vote. That, of course, is very much in the realm of speculation at the time of this writing. What does all this mean at home? That investors are still reacting to the | more...