According to industry sources mortgage rates continued lower today, bringing
rates in line with the lowest levels seen during the past 4 months
(officially, 6-week lows as several days have been slightly better
during that time). Some lenders are now down to 4.375% for their most efficient combination of closing costs and rate (best-execution) while a majority remain at 4.5%.
Last week's big news regarding the Fed abstaining from any significant policy changes continues to benefit rates.
Several speakers from the Federal Reserve shared their opinions on the
topic today and the overall tone reiterated that the economy was not yet
likely to make the desired progress without full-fledged stimulus.
Apart from that, news was limited and market conditions were fairly
quiet. This is less likely to be the case as the week progresses and
the tone of the economic data should have more of an impact as well.
"Economic Data" refers to various scheduled reports that are released
on a set schedule, such as Thursday's GDP and weekly Jobless Claims
numbers at 8:30am Eastern. That combination makes for a relatively
potent morning in that if both the pieces of data show the economy in
stronger-than-expected territory, rates would likely move higher that
day. Conversely, weaker-than-expected data can help rates move or stay
lower.
Today's Best-Execution Rates
- 30YR FIXED - 4.5%
- FHA/VA - 4.25
- 15 YEAR FIXED - 3.5%
- 5 YEAR ARMS - 3.0-3.50% depending on the lender
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