Todays rates from our in house lender Juan: Rates as of 11/7/13 4.340 Conventional 4.125 FHA 4.150 USDA USDA is back in full force, no changes, everything stayed the same. Mortgage Rates Rise As Job Situation Gets Murky Nov 7th, 2013 (bankrate ) Mortgage rates climbed this week as investors await the next jobs report to see whether it will give an indication of where the economy is headed -- or cause more confusion and uncertainty. The October employment report might not serve as a clear indicator of how the economy is performing because of reductions caused by the 16-day government shutdown at the beginning of the month. The report was delayed two weeks because data-gatherers were idled during the shutdown. Much of the economic data from last month and for the last quarter of this year may be distorted because of the shutdown, says Jordan Roth, senior branch manager for GFI Mortgage Bankers. The lack of solid economic data is causing uncertainty among investors, he says. The good news for borrowers is that the Federal Reserve seems committed to keeping mortgage rates low for now, or at least until the labor market improves further. The Fed is spending $85 billion per month buying U.S. Treasury and mortgage bonds and that has helped hold mortgage rates near the bottom. When the Fed indicated a few months ago that it would reduce the pace of purchases this year, mortgage rates jumped by more than a percentage point. But now the Fed seems to have postponed the tapering plans to next year. As long as the October employment report doesnt show strong job growth, its unlikely the Fed will reduce the purchases this year, Sinnott says. Tapering seems to have left the mind of most for the remainder of 2013, but with a solid report Friday, the Fed could change its tune, he adds. I would not expect a change in their rhetoric, as several other economic indicators remain far from levels the Fed is expecting to see in regards to a healthy economy. Juan M. Herrera Mortgage Advisor Century 21 Mortgage Cell: (209) 408-2363 | Office: (209) 856-1769 | Fax: (888) 260-0757 Email: juan.herrera@mortgagefamily National Mortgage License # 249809
Posted on: Thu, 07 Nov 2013 23:23:45 +0000
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