Articles Tagged With: Interest Rates

March 21, 2016

Mortgage Rate Trends: Slightly Lower Friday

Friday closed out the week slightly lower, which means that a majority of last week brought some form of mortgage loan rate improvement or at the very least no moves higher. All days but one last week were marked by some kind of small gain, taking back some of the losses from the week prior. At the time of this writing, 30-year fixed rate conventional mortgages are in a best execution range between 3.625% (likely the most competitive lenders are offering something at or near this) and 3.875%. Our sources note that the average best execution rate offering likely falls somewhere in the middle of this range. FHA mortgage loan interest rates remain in their best execution comfort zone in a range we’ve reported for some time now–between 3.25% and | more...

March 16, 2016

Mortgage Rate Trends: Some Improvement After Fed Announcement

By Joe Wallace

Mortgage rates improved a bit on Wednesday after the Fed made its much anticipated statement-one that included no discussion of a further raise in interest rates for now. How much changed today depends greatly on the lender, and some may see the difference in terms of closing costs as opposed to an outright shift in the mortgage loan interest rate. The improvement wasn’t dramatic, but in light of the recent upward trend, any recovery is welcome, however small. 30-year fixed rate conventional mortgages are still basically reported in a best execution range between 3.75% and 3.875%. FHA mortgage loan interest rates are still holding in the comfort zone range between 3.25% and 3.5% that we have been reporting for many days now. FHA mortgage loan rates are often slower to | more...

March 10, 2016

Mortgage Rate Trends: Lower, Then Higher

By Joe Wallace

Mortgage rates dropped a bit on Tuesday, but edged higher on Wednesday ahead of Thursday’s scheduled announcement by the European Central Bank (ECB) which has potential to move rates depending on the contents of that announcement and investor reaction to it. We’ve seen rates shift up and down in the last week or so (mostly up); industry professionals used phrases on Wednesday like “highest since January” but those professionals are often quick to point out that the movement we’ve seen lately is within a specific range. That range has been fairly narrow so the moves higher and lower should be viewed in context. There doesn’t seem to be much short term danger of breaking out of that range, but breaking news and things like the European Central Bank announcement have | more...

March 7, 2016

Mortgage Rate Trends: Higher On Friday

By Joe Wallace

Mortgage loan interest rates moved higher on Friday after the much-anticipated Employment Situation Report came out with numbers better than some expected. When it comes to economic data releases, information that indicates an improving economy can be bad for mortgage loan interest rates depending on investor reaction to that data. Sometimes the markets ignore such data in favor of other breaking news or developments, so scheduled economic data releases like the employment report don’t always or consistently affect mortgage loan rates. This time, the data did influence rates, and we saw 30-year fixed rate conventional mortgages move out of a previous range between 3.625% and 3.75% (best execution) and more solidly into the 3.75% zone. FHA mortgage loan interest rates stayed in their current best-execution comfort zone range between 3.25% | more...

February 15, 2016

Mortgage Rate Trends: Higher After A Week Of Lows

By Joe Wallace

Mortgage loan interest rates took a major dip last week, hitting best-execution lows of 3.5% at the height of the week’s improvements. But on Friday a “bounce” happened, pulling things back a bit. Some industry professionals feel it’s possible this move higher could be a correction or trend to come after the unusual week of lows we’ve seen, but it’s too early to tell. 30-year fixed rate conventional mortgage loans wound up at a best-execution 3.625%, which ends the week in territory that is still quite good. Some may regret if they missed out on the 3.5% best execution rate that appeared briefly last week, but these rates are still in a place we haven’t seen in a long time–some sources say these rates are reminiscent of the record lows | more...

February 10, 2016

Mortgage Rate Trends: Moving Even Lower

By Joe Wallace

Normally we don’t post on a near-daily basis about mortgage rate trends, but this week is different as we’re seeing rates moving lower than they have been in quite some time, and it’s unclear how long this trend could last. So we’re paying more attention to this situation until things settle down…. Mortgage rates moved even lower on Tuesday, putting many conventional mortgage best execution rates into the mid-three percent range. At the time of this writing, our sources believe that this is a short-term shift due to economic forces, pending statements from the Fed, and market activity. How long the downward movement continues remains to be seen, but some market watchers point out that when the headlines about the Fed start coming out over the next two days, it | more...

February 9, 2016

Mortgage Rate Trends: Moving Lower

By Joe Wallace

Monday saw mortgage loan rates moving lower–some sources are labeling it the “lowest in a year”, and industry pros are urging borrowers who are undecided to lock in a mortgage rate commitment with the lender due to this move. At the time of this writing, 30-year fixed rate conventional mortgages are in a best execution range with 3.625% at the low end–more lenders are reported as offering this best execution rate than those offering the same or similar on Friday. FHA mortgage loan rates are reported at a best execution rate of 3.5% depending on the lender, but if the downward trend continues we’ll likely see this comfort zone change. It’s entirely possible that the new, lower rate won’t last long unless the downward trend persists. As always, the rates | more...

February 1, 2016

Mortgage Rate Trends: Decisive Move Lower

By Joe Wallace

Friday saw mortgage rates moving decisively lower. Some very competitive lenders are offering best execution rates at 3.625% for 30-year fixed rate conventional mortgages according to our sources, but a more likely best execution rate on this type of home loan is around 3.75%. FHA mortgage loan rates are, best execution, still holding in the 3.5% comfort zone. But if there continues to be strong improvement in rates, or smaller amounts of improvement over a sustained period of time, we could see FHA rates break out into a range of rates with 3.5% at the upper end. Remember, best-execution rates are not available to all borrowers or from all financial institutions. Your FICO scores and other financial qualifications will be an important factor in your access to rates like these. | more...

January 28, 2016

Mortgage Rate Trends: Holding Firm After Fed

By Joe Wallace

Wednesday was a potentially big day for mortgage loan rates–the Fed issued a scheduled announcement that had plenty of eyes on it even though it would seem unlikely for any major news to come from that direction since the Fed announced a hike in mortgage rates at the end of last year. But investor reaction is a funny thing, so there was plenty of attention on the Fed, seemingly “just in case”. Rates were trending a bit higher in the morning according to our sources, but after the Fed announcement we saw rates headed right back to yesterday’s territory. That means 30-year fixed rate conventional mortgages ended the day, best execution, at a range between 3.75% and 3.875%. FHA mortgage loan rates remain in the best execution comfort zone of | more...

January 25, 2016

Mortgage Rate Trends: Higher On Friday

By Joe Wallace

After some good improvements last week, Friday came to undo some of that progress. Earlier in the week mortgage loan rates were solidly in the high three percent zone, but after Friday’s upward turn, we see four percent back in the picture. 30-year fixed rate conventional mortgage loan rates were in a range on Friday between 3.875% and 4.0%, best execution. FHA mortgage rates are still being reported, best execution, at 3.5% but if the upward trend continues this week we could see that number shift into a range of rates with 3.5% at the low end, or we could just see FHA mortgage loan interest rates shift back into the previously long-held 3.75% (best execution). (As always, it’s important to remember that best execution rates are not available to | more...