Mortgage Market Commentary: It is becoming more and more apparent that the US economy is finding firmer footing. Last week brought more confirmation with both ISM indices climbing upward. The ISM Manufacturing Index landed at 59.0, a level not seen since 2001. The monthly employment report recorded another slight step downward in unemployment, but only an additional 142,000 new jobs were added last month. Both the housing market and the labor market have plenty of space for improvement. If current trends continue, both markets will continue to improve in coming months. However, all this positive economic data has yet to result in mortgage rates moving higher. While international geopolitical uncertainty has contributed to holding bond markets in check, the European Central Bank’s policy changes last week pushed more money into US Treasuries, keeping interest rates low once again. This week’s biggest economic data point will be the Retail Sales report. Any unexpected strength in this report, coupled with reduced international tensions, could easily move mortgage rates upward. Current Interest Rates: · 30 Year Fixed 4.125% · 30 Year Fixed (FHA) 3.625% · 15 Year Fixed 3.250% · 5 Year ARM 2.750% · 7 Year ARM 3.125% · 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, 08 Sep 2014 19:31:40 +0000
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