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Today's Mortgage Story:
Refinance Mortgage Rate & Home Purchase Rates Move Higher For The
Sixth Consecutive Week
Home mortgage rates and mortgage refinance rates
moved higher again amidst concern The Fed may begin slowing down bond
purchasing. Consequently, this continued upward movement of
rates will undoubtedly dampening momentum the
refinance and home buying market has enjoyed during 2013. What
is happening is this... The Fed has not signaled any indication they
will pull out of buying MBS (Mortgage Backed Securities - the most
important factor impacted mortgage rates), they have not even
indicated they will slow down on their purchase of these assets.
However, the problem (rapidly rising rates) is due to the fact that the
mortgage market simply perceives a shift in the Fed's MBS purchasing
policy. The market sees (predicts) the Fed's slowly reversing
their current quantitative easing policies. And as unemployment
continues to be stagnant, it seems rates will continue to move higher.
However, next week's Fed meeting should ultimately determine the
course of the mortgage market.
Over in Europe, the outcome from their latest ECB
Meeting (similar to our FED) was not good. Ireland, Portugal, Slovenia,
and of course Cyprus were all on the agenda as they are in desperate need
of bailouts. Several of the economically strong countries in the
17 member Eurozone have become reluctant to recapitalize the central bank,
causing uncertainty in the debt crisis for the weak countries. Demands
for austerity from these strong EU countries continue to be unanswered.
And as Europeans continue to borrow, pile up more debt, and bail-out their
neighbors, the future for the Eurozone, the Euro, and many European counties
is uncertain. Greece has failed. Italy is on the agenda next,
followed by Spain, then France.
Overall, interest rates on home loans are trending
up. The theory behind rising interest rates is as follows: a stronger,
more stable economy in the US and Europe, better employment data, higher
consumer confidence and spending, the stock market moving higher, all
cause and support higher interest rates. The theory behind
falling interest rates is as follows: a weaker, flat, or
unstable economy in the US and Europe, lower employment numbers,
weakening consumer spending and confidence, the stock market remaining
flat or moving lower, all contribute to falling interest rates. This puts the best-scenario,
30-year fixed-rate conventional loan at 3.98%, up from 3.91%, for most
lenders which is still good for those that intend to purchase a home
or refinance a current mortgage. Therefore, home loan
refinancing remains a good idea now before rates ultimately go higher.
If you need mortgage refinance advice or home loan help,
please click to
apply now or contact us.
For The Week Ending June 13th, 2013:
- Thirty-year fixed-rate-mortgages (FRM's) averaged 3.98% with
0.7 points this week. That was up 7 basis points from a week ago
when they were 3.91%. At this time, one year ago, the thirty-year
FRM was approximately 3.71%.
- Fifteen-year fixed-rate-mortgage (FRM's) averaged 3.10% with 0.7
points for the week. That is up 7 basis points from a week ago
when they were 3.03%. At this time last year, the fifteen-year
FRM was hovering around 3.98%.
- Five-year Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's)
averaged 2.79% with 0.6 points this week. That was up 5 basis
points from a week ago when they were 2.74%. At this time, one
year ago, the five-year ARM was approximately 2.80%.
- One-year Treasury Indexed adjustable-rate-mortgages (ARM's) averaged
2.58% with 0.4 points for the week. This was the same as a week ago when they were 2.58%. At this time last year,
the one-year ARM was hovering around 2.78%.
Mortgage Interest Rates Prediction For The Upcoming Week:
According to a survey of home loan experts at
bankrate.com for the upcoming week, June 13th 2013 to June 19th 2013,
10 percent believe
home loan and
refinance mortgage rates will rise over
the next week, 28 percent think mortgage and refinance rates will
fall, and 62 percent believe mortgage rates will remain relatively unchanged (+/-
2 basis points). Survey results are provided weekly. Please
come back often to see how accurate the experts fared. Last week,
interest rates were up 7 basis points to 3.98%, and 19 percent picked
correctly. As you can see, mortgage experts believe rates will
go down this week, you may want to act accordingly.
Long Term Refinance Mortgage Rates, Help, Advice & Tips:
The bottom line is we would recommend not trying to
improve on the current home loan &
mortgage refinance rates due to the uncertainty
in terms of movement, this can be verified at usa.gov. Common belief
is that European affairs & the US FED will tend to keep refinance mortgage
rates and home purchase rates lower than might be without their external
force; nonetheless, interest rates will continue to fluctuate.
Your best bet is to focus on the fact that interest
rates are low and can change quickly based on events that are not lined
up or able to be forecast. If you intend to refinance your home
or purchase a house now it is up to you whether to lock or not.
Risk versus reward for floating and not locking looks like more of a gamble
now than we would like, but not out of the question for those who understand
the risks and have an exit strategy if things do not go their way.
interest rate lock to learn more about locking in your rate.
If you need more help or advice, please contact us.
Free online quotes & immediate results - Save time & money - This is a no-obligation service - Solid help & advice.
- Peak Home Loans, trusted since 1998 with hundreds of thousands of satisfied customers.