Are rates going to go up in 2015? Read on.... Mortgage Market Commentary: Mortgage rates remain fairly steady as we head into the end of 2014, even with mounting signs that the economy is growing stronger and stronger. While we did see a small dip in Orders for Durable Goods, the third quarter’s GDP was revised to 5.0%, which was much higher than anticipated. This follows the second quarter’s strong 4.6% reading. Even if the fourth quarter falls back to near 3.0%, this year ends with the economy on better footing than it has been in quite a few years. This year ends with expectations of Consumer Confidence moving higher and Weekly Jobless Claims remaining below 300K. Even with stock markets reaching record highs, we’ve been fortunate to have mortgage rates bouncing along record low levels. We may not be quite as lucky in 2015. Regardless of interest rate levels, the Fed has indicated that it will raise interest rates in 2015. With the strength that the US economy is showing, some experts are beginning to predict that the first Fed rate increase could come in April. The more likely that becomes, the higher rates will move. Current Interest Rates: · 30 Year Fixed 3.875% (steady) · 30 Year Fixed (FHA) 3.375% (up .125% from last week) · 15 Year Fixed 3.250% (up .125% from last week) · 5 Year ARM 3.250% (up .125% from last week) · 7 Year ARM 3.375% (up .125% from last week) · Call or Email for JUMBO rates *** The interest rates posted are approximate rates. Interest rates could be higher or lower depending on the loan amount, loan-to-value, credit score, debt ratio, etc. Chris Dueffert CRMS, MMS, NMLS #324110 Executive Vice President o: 952.921.3338 c: 612.801.4033 f: 952.230.7812 e: chris@rubiconmortgagellc
Posted on: Mon, 29 Dec 2014 15:19:46 +0000
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