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Today's Mortgage News Brought To You By Peak Home Loans
Mortgage Refinance & Home Purchase Rates Moving Higher For Now
Home mortgage rates and mortgage refinance rates have begun moving higher in spite of mixed economic data. Factors leading to higher rates are: 1.) The Fed stated that the federal fund rate will continue at zero percent in the near future. 2.) Retail sales have increased. 3.) The treasury is continuing to "print money". However, rates will likely continue to stay low in the US thanks to economic turmoil in Europe causing the European Central Bank (ECB) to lower returns on their bonds to fight low growth and inflation. This makes US bonds more desirable, and as demand for US bonds (and mortgage bonds) increase, interest rates decrease. The end result is a stalemate. These recent events put today's average 30-year fixed-rate conventional loan at 4.23%, up an impressive 11 basis points from last week. Mortgage rates in general have been moving sideways in a narrow range, which is just fine for those that intend to purchase a home or do a mortgage refinance. However, it may be prudent to lock in your rate now and refinance your mortgage, or buy a new home, thus avoiding any rate increase that would cause your monthly payments to increase as well.
For The Week Ending September 18th, 2014:
- Thirty-year, fixed-rate-mortgages (FRM's) averaged 4.23% with 0.5 points this week. That's up 11 basis points from a week ago when they were 4.12%. At this time one year ago, the thirty-year FRM was approximately 4.50%.
- Fifteen-year, fixed-rate-mortgage (FRM's) averaged 3.37% with 0.5 points for the week. That is up 11 basis points from a week ago when they were 3.26%. At this time last year, the fifteen-year FRM was hovering around 3.54%.
- Five-year, Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 3.06% with 0.5 points this week. That is up 7 basis points from the same time a week ago when they were 2.99%. At this time, one year ago, the five-year ARM was approximately 3.11%.
- One-year, Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.43% with 0.4 points for the week. This is down 2 basis points from a week ago when they were 2.45%. At this time last year, the one-year ARM was hovering around 2.65%.
Home Mortgage Interest Rate Trend Prediction For The Upcoming Week:
According to a survey of home loan experts at bankrate.com for the upcoming week, September 18th 2014 to September 25th 2014, 35 percent believe home loan and refinance mortgage rates will rise over the next week, 22 percent think mortgage and refinance rates will fall, and 43 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 rose 11 basis points to 4.23%, and 31 percent picked correctly. As you can see, mortgage experts believe rates will rise this coming week, you may want to act accordingly.
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