Mortgage Market Commentary: The conflict in the Ukraine and Gaza, coupled now with the US launching air strikes against ISIS, held stock markets and mortgage rates in check, during another week of more positive US economic data. The ISM Services Index reported a nice 2.4 point increase, placing the index at a nine-year high. Weekly jobless claims again managed to come in under 300,000, which is the second time in three weeks. While geopolitical unrest always creates an atmosphere of uncertainty that drags on markets, the current conflicts are occurring in what some analysts continue to consider to be a fragile recovery that could be derailed, especially without larger labor market improvements. Mortgage rates could once again be heavily dependent on how these international situations unfold. If the US increases its involvement against ISIS, we easily could see mortgage rates unable to sustain any upward movement, even if Retail Sales and Industrial Production numbers come in above estimate. However, any signs of stability could allow mortgage rates to notch up slightly. Current Interest Rates: · 30 Year Fixed 4.125% · 30 Year Fixed (FHA) 3.500% · 15 Year Fixed 3.250% · 5 Year ARM 2.875% · 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, 11 Aug 2014 23:05:11 +0000
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