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Rates Unchanged, but Remain Cautious 
The Conventional 30 year fixed rate remained the same for the week at 4.500%. This rate would be available for a borrower who has excellent credit (credit score of 740 or greater) and could be obtained with little or no points if you make the right size of down payment on a single family home.

The Conventional 15 year fixed rate remained the same, as well, at 3.500%, assuming the same parameters as mentioned above.

SHOULD I LOCK OR FLOAT?
Well, not much is happening due to the Holidays. The bad part of that is a little downside action will move rates higher more than it should, so I say lock it in until we see what the New Year brings. Better safe than sorry at the moment.

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Week End Mortgage Rates Unchanged 
The Conventional 30 year fixed rate remained the same for the week at 4.500%. This rate would be available for a borrower who has excellent credit (credit score of 740 or greater) and could be obtained with little or no points if you make the right size of down payment.

The Conventional 15 year fixed rate remained the same, as well, at 3.500%, assuming the same parameters as mentioned above.

SHOULD I LOCK OR FLOAT?
What a difference a week makes. Although rates are unchanged for the week, the market went through a huge change with the Fed Tapering $10 Billion from it's QE3. There was a lot of volatility, but we had a nice little rally on Friday. We may see small, gradual, continued improvement for the remainder of the month, so I think it is ok to float at the moment. There is the potential for continued volatility, so don't put your head in the sand. If you are uncomfortable with risk, then lock your rate and take the money and run.

[ add comment ] ( 1786 views )   |  permalink  |   ( 3 / 2015 )
Mortgage Rates Remain the Same for the Week Ending December 13th 
The Conventional 30 year fixed rate remained the same for the week at 4.500%. This rate would be available for a borrower who has excellent credit (credit score of 740 or greater) and could be obtained with little or no points if you make the right size of down payment.

The Conventional 15 year fixed rate remained the same, as well, at 3.500%, assuming the same parameters as mentioned above.

SHOULD I LOCK OR FLOAT?
We are seeing increased volatility in the mortgage market, so, unless you are truly a Riverboat Gambler, I would suggest that you play it safe at the moment. Things may improve next week, but at the moment, I think you should take the money and run. Lock it in!

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Tough Week for Mortgage Rates, So Far 
There has been a lot of upward pressure on interest rates this week. One of the reasons was yesterday's “guesstimate” of Q3 Gross Domestic Product by the Commerce Department. The headline data showed the economy grew at a 3.6% pace during June through August, exceeding the consensus estimate of 3.0%. We would have to go back to the first quarter of 2012 to find something similar. Economic growth generally increases the overall demand for cash which typically pushes all interest rates higher.

The data shows businesses accumulated $116.5 billion worth of inventories, the largest increase since the first quarter of 1998. Expectations were that inventories would grow by a much more modest $86 billion. Inventory growth was amazing last quarter, regardless of how you break it down. Unfortunately, domestic demand rose a very modest 1.8%.

Strong inventory accumulation in the face of slow domestic demand means businesses will be working off their high inventory levels for an extended period of time. Future GDP growth will probably weaken noticeably – dragging job creation lower as it goes.

This morning's Non-farm Payroll figure came in right on the money, but the Unemployment rate droped to 7.0%. You probably know that I think that calculation is flawed, at best. The mortgage market took an early hit, but have started to recover. We'll see if can sustain the rally.

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Interest Rates for the Thanksgiving Week 
This will be the last blog until December 2nd, due to the Holiday. I want to wish everyone a wonderful and safe Thanksgiving.

The Conventional 30 year fixed rate remained the same for the shortened week at 4.375%. This rate would be available for a borrower who has excellent credit (credit score of 740 or greater) and could be obtained with little or no points if you make the right size of down payment.

The Conventional 15 year fixed rate remained the same, as well, at 3.375%, assuming the same parameters as mentioned above.

SHOULD I LOCK OR FLOAT?
There is some concern that we will see increased volatility in the market. I would say it's about 50/50 to lock or float. If you are not risk averse, then go ahead and float your rate. If you are more conservative, then lock it in.

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