With the 30 year fixed rate mortgage, the interest rate remains the same from day one, meaning borrowers can depend on the same bill amount from month to month and year to year. For the 30-year term, borrowers pay down the principal, or actual loan amount, along with unchanging interest amount on the mortgage. Homeowners gradually increase equity in the home over time. A 30 year fixed-rate mortgage is often perfect for budgeting homeowners who wish to stay in the same house for a long time, but does have the drawback of paying more interest over the length of the loan compared with shorter-term loans.

Freddie Mac Weekly Rate Summary

30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.5 point for the week ending April 7, 2016, down from last week when they averaged 3.71 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.

15-year FRM this week averaged 2.88 percent with an average 0.4 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.5 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.83 percent.

LendingTree Clean Rate Table_DarkGreen_336x280

ERATE's Daily Rate Summary

January 16, 2017

After rising dramatically for the past six weeks to over 4.30% for 30 Year Fixed Rate Mortgages, it appears that rates have started to begin to improve falling to 4.12% for conforming loans and 4.40% for jumbo loans.

You can take advantage of this period of stability by preparing to be ready for any forthcoming rate improvement by watching real-time rates on Erate’s Website using our Rate search tool, understanding your specific Loan Scenario, and calling me for a current tailored rate quote with closing costs. Once the details of your Rate Quote & Loan Closing Costs make sense for you to proceed you will need to complete the On-Line Long Form Application from the link at the top of our home page and I will download it and get back to you over the phone to go over it with you. Your credit score will not be checked at Erate, until you give the go ahead later on. Meanwhile, having started this process now you will be in a position to take advantage quickly of still low historic mortgage interest rates.

Calendar of Upcoming Economic data this week:

Here is a full breakdown of just US events, together with consensus estimates, courtesy of Goldman Sachs
The key economic release this week is CPI on Wednesday. There are several scheduled speaking engagements from Fed officials this week, including two by Chair Yellen on Wednesday and Thursday. The Beige Book for the January FOMC period will be released on Wednesday.
Monday, January 16

  • US markets are closed in observance of Martin Luther King, Jr. Day. There will be no economic data releases.

Tuesday, January 17

  • 08:45 AM New York Fed President Dudley (FOMC voter) speaks: Federal Reserve Bank of New York President William Dudley will give a speech on “Evolving Consumer Behavior: A View from the Federal Reserve Bank of New York” at an event sponsored by the National Retail Federation.
  • 08:30 AM Empire manufacturing survey, January (consensus +8.5, last +9.0)
  • 10:00 AM Fed Governor Brainard (FOMC voter) speaks: Federal Reserve Governor Lael Brainard will give a speech on “The Impact of Fiscal Policy on Monetary Policy” at the Brookings Institution in Washington D.C. Audience Q&A is expected.
  • 06:00 PM San Francisco Fed President Williams (FOMC non-voter) speaks: Federal Reserve Bank of San Francisco President John Williams will give the keynote speech at the Sacramento Business Review Economic Forecast at Sacramento State University in California. Audience and media Q&A is expected.

Wednesday, January 18

  • 08:30 AM CPI (mom), December (GS +0.29%, consensus +0.30%, last +0.20%); Core CPI (mom), December (GS +0.20%, consensus +0.20%, last +0.15%); CPI (yoy), December (GS +2.1%, consensus +2.1%, last +1.7%); Core CPI (yoy), December (GS +2.2%, consensus +2.2%, last +2.1%): We expect that core CPI rose by 0.20% in December or 2.2% on a year-over-year basis. In the November report, core inflation was softer than expected, mainly due to lower inflation in the categories of apparel, medical care, airfares, and lodging away from home. We expect some payback in the apparel category, in part related to colder-than-average December temperatures. Headline consumer prices likely increased by 0.29% in December. On a year-over-year basis, the headline index likely increased by 2.1%.
  • 09:00 AM Dallas Fed President Kaplan (FOMC voter) speaks: Federal Reserve Bank of Dallas President Robert Kaplan will participate in a panel discussion on “Confidence in Uncertain Times”. Media and audience Q&A is expected. President Kaplan is a voting member of the FOMC this year.
  • 09:15 AM Industrial production, December (GS +1.1%, consensus +0.6%, last -0.4%): Manufacturing production, December (GS +0.4%, consensus +0.5%, last -0.1%); Capacity utilization, December (GS 75.8%, consensus 75.4%, last 75.0%): We expect industrial production to rebound by 1.1% in the December report following two months of weakness, based on our expectation of a rebound in the weather-sensitive utilities category.
  • 10:00 AM NAHB housing market index, January (consensus 69, last 70): Consensus expects the NAHB homebuilders’ index—which we have found to be a decent leading indicator of housing starts—to tick down to 69, though still near post-crisis highs.
  • 11:00 AM Minneapolis Fed President Kashkari (FOMC voter) speaks: Federal Reserve Bank of Minneapolis President Neel Kashkari will give a speech on economic opportunity and inclusive growth at an event hosted by the Minneapolis Urban League. Audience and media Q&A is expected. President Kashkari will be a voting member on the FOMC this year.
  • 02:00 PM Beige Book, January-February FOMC meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. The December Beige Book reported modestly slower activity in a few districts, stronger consumer spending and residential investment, and mixed manufacturing activity. In the January-February Beige Book, we will look for additional anecdotes related to the state of manufacturing activity, price inflation, and wage growth.
  • 03:00 PM Fed Chair Yellen (FOMC voter) speaks: Federal Reserve Chair Janet Yellen will give a speech on “The Goals of Monetary Policy and How We Pursue Them” in front of the Commonwealth Club of California in San Francisco. Audience Q&A is expected.
  • 04:00 PM Total Net TIC Flows (last +$18.8bn)

Thursday, January 19

  • 08:30 AM Housing starts, December (GS +12.0%, consensus +8.6%, last -18.7%); Building permits, December (consensus +1.1%, last -3.8%): We expect housing starts to rebound 12% in December, following a 19% drop in November led by the volatile multifamily category. Despite colder-than-usual December temperatures, favorable single-family fundamentals and a rising backlog of approved permits suggest scope for a meaningful rebound. Consensus expects a more modest rise of 8.6% for housing starts and looks for a 1.1% increase in building permits.
  • 08:30 AM Initial jobless claims, week ended January 14 (GS 265k, consensus 251k, last 247k); Continuing jobless claims, week ended January 7 (last 2,087k): We expect initial jobless claims to rebound 18k to 265k, following two consecutive readings not far from the cycle low. We remain in a period where seasonal adjustment is difficult, and we are hesitant to infer a drop in the trend pace of layoffs based on the most recent two reports. Seasonality-related uncertainty will affect the data for at least two more weeks, and accordingly, confidence around our 265k forecast is low. The drop in initial claims has not yet been mirrored in continuing claims, which have actually risen relative to the levels in early December (as of the week ending December 31).
  • 08:30 AM Philadelphia Fed manufacturing index, January (GS +16.0, consensus +16.0, last +19.7): We expect the Philadelphia Fed manufacturing survey to pull back to +16.0 following last month’s increase to +19.7, remaining at levels signaling expansion in manufacturing activity. Last week, the Federal Reserve Bank of Philadelphia conducted its annual historical revision and calculation of new seasonal adjustment factors. For December, the index was revised down modestly to +19.7 from +21.5.
  • 10:00 AM San Francisco Fed President Williams (FOMC non-voter) speaks: Federal Reserve Bank of San Francisco President John Williams will give the keynote address at the Solano Economic Development Corporation’s Annual Luncheon Meeting in Fairfield, California. Audience Q&A is expected.
  • 08:00 PM Fed Chair Yellen (FOMC voter) speaks: Federal Reserve Chair Janet Yellen will give a speech on the economic outlook and US monetary policy at an event hosted by the Stanford Institute for Economic Policy Research. Audience Q&A is expected.

Friday, January 20

  • 09:00 AM Philadelphia Fed President Harker (FOMC voter) speaks: Federal Reserve Bank of Philadelphia President Patrick Harker will participate in a discussion on the economic outlook at the New Jersey Bankers Association’s 6th Annual NJ Economic Leadership Forum. Media Q&A is expected. Last week, President Harker reiterated his support for three rate hikes this year.
  • 01:00 PM San Francisco Fed President Williams (FOMC non-voter) speaks: San Francisco Fed President John Williams will give closing remarks at the Bay Area Council Economic Institute’s 10th Annual Economic Forecast event in San Francisco. Audience Q&A is expected. Remarks will likely be similar to those from his speaking engagement on Tuesday.

Source: BofA, DB, Goldman

This is a hopeful sign, because the stability we are seeing now may signal that Mortgage Rates may improve somewhat over the coming weeks. If this happens, be prepared, and move fast.

We are still near historical lows in interest rates and time is of the essence.

Weekly Mortgage Rates Analysis

We do not know the future, but this period of super-low interest rates and unprecedented monetary policy moves may be coming to an end and "normalization" of the yield curve may be at hand. This would be a good time to get prepared to lock in your Rates!!!

 

ERATE's Daily Rate Summary

January 10, 2017

Richmond Fed's "Hawkish" President Jeffery Lacker To Retire.
Just three months after Atlanta Fed president Dennis Lockhart announced he would step down as president, on Tuesday another FOMC member, the "hawkish" president of the Richmond Fed, Jeffery Lacker, 61, also decided to call it quits as well, and on Tuesday said he will retire as president and chief executive officer of the Federal Reserve Bank of Richmond on Oct. 1, after 28 years at the Federal Reserve Bank.

Wholesale Sales Disappoint Sending Inventories-Ratio Back into Recession Territory.

November saw inventories rise more than expected (+1.0% MoM vs +0.9% exp) and sales disappoint (+0.4% vs +0.5% exp) and were notably revised lower. This sent the inventories-to-sales ratio back up again – stubbornly stuck in recessionary territory. Automotive inventories-to-sales jumped higher once again – back to near cycle highs.

Trumphoria Sends Small Business Optimism Soaring Most since 1980.

Since Donald Trump won the US election, small business optimism has exploded higher (from 94.9 in Oct to 105.8 in Dec). At the most optimistic since 2004, the last 2 months have seen the biggest spike in hope since 1980's Reagan era spike. With 50% expecting a better economy - the third highest number in history - we do however note that expectations for earnings remain negative.

Consumer Credit Soars, Driven By Near Record Credit Card-Fueled Spending.

After several months of tepid growth in the revolving consumer credit, i.e., credit cards, the latest monthly report from the Fed revealed that Americans went on a credit card-funded shopping spree in November, when total revolving credit exploded higher by a massive $11 billion, the highest November increase on record, and the second highest of the post-crash period.

Treasury Prices Mostly Unchanged and Yields Steady at 2.38%.

On the Chicago Board of Trade (CBOT): the US 10 Year Treasury Note futures Contract for March settlement closed at a price of 124'24.5 / 32nds; the 10 Year Note was down 0.5 basis points (bps) on the day, yielding 2.38%. The US 30 Year Treasury Bond futures Contract for March settlement closed at a price of 152'20 / 32nds; the 30 Year Bond was down 6 basis points (bps) on the day, yielding 2.97%. Mortgage Rates were little changed on the day from the previous trading session.

 

ERATE's Daily Rate Summary

September 25, 2015

A speech by Fed Chair Yellen at Amherst College yesterday seemed to go a long way in easing the concerns of the financial markets that indeed the Fed was not holding back information of a weak economic picture and that the intention was in fact to raise rates by the end of 2015 as previously stated.

Q2 Gross Domestic Product (final revision) rose at an annualized rate of 3.9%, up from the second revision of 3.7% where it was expected to remain. Personal Consumption was revised up to 3.6% when the forecast called for a gain of 3.2%. The GDP Price Index (or GDP Deflator) was unchanged at 2.1%, matching the forecast. The Core PCE Index (ex food and energy) was revised higher to 1.9% when the forecast called for no change from 1.8%.

The University of Michigan Consumer Sentiment Index for September fell to 87.2, marking the lowest reading in a year, when the forecast called for a reading of 87.1. The initial reading was 85.7 and the reading for August was 91.9.

The Markit U.S. Services PMI Index fell in September to 55.6 from Augusts' reading of 56.1. Note that a reading above 50 reflects an economic expansion.

Next Week: On Monday look for Personal Income and Spending, Pending Home Sales and Core Inflation. On Tuesday watch for the Case-Shiller Home Price Index and Consumer Confidence. On Wednesday look for Chicago PMI, MBA Mortgage Applications and the ADP Employment Report. On Thursday watch for Weekly Jobless Claims, Market PMI, ISM Manufacturing Index and Construction Spending. On Friday look for the September Jobs Report and Unemployment Rate as well as Factory Orders.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 4 basis points (bps), yielding 2.16% and the 30 year bond up 4 basis points (bps), yielding 2.96%.

 

ERATE's Daily Rate Summary

September 23, 2015

Treasuries were relatively flat today with economic data in the U.S. revealing strong manufacturing output in conjunction with a surge in mortgage applications. Uncertainty over Fed policy remains at the forefront of investor's minds as the Fed continues to deliver mixed messages. The Dallas Fed's reading on inflation has garnered some attention as its trimmed mean measurement far exceeds that of the PCE deflator which the FOMC has tended to closely follow. Global growth concerns were amplified by a disappointing reading on manufacturing activity from China. European Central Bank (ECB) President Draghi spoke today and the message conveyed was that an expansion of the current asset purchase program (or QE) was not a sure thing.

Markit Flash U.S. Manufacturing PMI Index for September came in at 53.0 while the forecast called for a reading of 52.8. The reading for August was also 53.0. Note that a reading above 50 reflects an economic expansion.

The MBA Mortgage Application Index rose 13.9% for the week ending on September 19th after falling 7.0% in the prior week. The Refinance Index rose 17.7% while the Purchase Index rose 9.1%. The average rate on a 30-year mortgage was unchanged at 4.09%.

This Week: On Thursday watch for Fed Chair Yellen's Speech, Durable Goods Orders, Weekly Jobless Claims, New Home Sales, the Chicago Fed National Activity Index and the Kansas City Fed Manufacturing Index. On Friday watch for Gross Domestic Product (GDP), Consumer Sentiment and Markit Flash PMI Services.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 2 basis points (bps), yielding 2.15% and the 30 year bond up 1 basis point (bp), yielding 2.95%.

ERATE's Daily Rate Summary

September 22, 2015

Volatility in the equity market translated into a safe haven rally in the U.S. Treasury market today. Global growth concerns coupled with the on-going uncertainly surrounding the Fed rate hike put pressure on equity prices. Healthcare and auto stocks took a particular beating following comments from the Clinton campaign targeting drug prices by the pharmaceutical industry as well as the recent and potentially industry-wide developments emerging out of Volkswagen. There remain four Fed District Presidents who continue to see a Fed rate hike occurring in 2015.

The Richmond Fed Manufacturing Index dropped to a negative or minus 5 reading in September. This represents the first negative reading since April. The forecast called for a reading of positive 2 while the reading for August was left unchanged at zero. Note that a reading below zero reflects an economic contraction.

The Federal Housing Finance Agency's (FHFA) Housing Price Index rose 0.6% in July when the forecast called for an increase of 0.4%. This represents the biggest monthly gain since February. The index rose 0.2% in June. The FHFA Index consists of single family housing data provided by the government sponsored enterprises Fannie Mae and Freddie Mac. Look for the release of the housing's Case Shiller Index next week.

This Week: On Wednesday watch for the Markit Flash PMI Manufacturing Index and MBA Mortgage Applications. On Thursday watch for Fed Chair Yellen's Speech, Durable Goods Orders, Weekly Jobless Claims, New Home Sales, the Chicago Fed National Activity Index and the Kansas City Fed Manufacturing Index. On Friday watch for Gross Domestic Product (GDP), Consumer Sentiment and Markit Flash PMI Services.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 7 basis points (bps), yielding 2.13% and the 30 year bond down 8 basis points (bps), yielding 2.94%.

ERATE's Daily Rate Summary

September 11, 2015

U.S. Treasury yields were lower today on news that would have normally sent yields higher. The Producer Price Index came in above the target range, contributing to the Fed's argument to increase rates. The Fed begins its two day meeting on rates next week on September 16-17.

The Producer Price Index (PPI) was flat in August when the forecast called for a decline of 0.2%. The reading for July showed an increase of 0.2% and was not revised. Core PPI (ex food & energy) rose 0.3% in August when the forecast called for an increase of only 0.1%. The reading for July showed an increase of 0.3% and was not revised.

The University of Michigan Consumer Sentiment Index dropped to 85.7 in September when the forecast called for a reading of 90.3. This marked the lowest reading since September of 2014. The reading for August came in at 91.9. It is believed that the turmoil in the equities market is the primary factor contributing to the shift in sentiment.

The Treasury Budget Deficit through August came in at $64.4BB, higher than the forecast of $62.0BB but down significantly from $129BB, the reading from August of 2014. The deficit overall is $530BB through August, roughly 10% below the reading from a year ago due to an increase in both individual and corporate tax receipts. Revenue overall grew 8% as almost 2.7 million new jobs were added in the fiscal year.

Next Week: On Monday, no major economic indicators are scheduled for release. On Tuesday watch for Retail Sales, Industrial Production, Capacity Utilization, Business Inventories and the Empire State Index. On Wednesday, the FOMC meeting begins, look for the Consumer Price Index (CPI), the Housing Market Index and MBA Mortgage Applications. On Thursday, the FOMC meeting concludes, watch for the FOMC Announcement, Housing Starts, Weekly Jobless Claims, Building Permits, the Philly Fed and Current Account. On Friday look for Leading Indicators.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 4 basis points (bps), yielding 2.19% and the 30 year bond down 4 basis points (bps), yielding 2.95%.

ERATE's Daily Rate Summary

September 10, 2015

A rise in stocks today may have put the brakes on Treasury prices as yields went higher. Uncertainty ahead of next week's FOMC meeting and the Fed's decision on rates may also be weighing on Treasury prices. Today's report on jobless claims met expectations while wholesale inventories and import prices both missed their forecasts.

Weekly Jobless Claims fell to 275,000 in the week ending September 5th, a drop of 6,000 claims. This reading matched the forecast. The reading for the previous week was revised downward to 281,000, a reduction of 1,000 claims. The four week moving average rose to 275,750, an increase of only 500 claims.

Wholesale Inventories fell 0.1% in July when the forecast called for a gain of 0.3%. This represented the first decline in inventories in two years. The reading for June was revised lower from an increase of 0.9% to a rise of 0.7%.

Import Price Index fell 1.8% in August when the forecast called for a drop of 1.6%. This represented the largest drop since the beginning of the year. The sharp drop in oil prices along with the strengthening dollar are the primary contributing factors. The reading for July of 0.9% remained unchanged.

This Week: On Friday watch for the Producer Price Index (PPI), Consumer Sentiment and the Federal Budget.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 3 basis points (bps), yielding 2.22% and the 30 year bond up 3 basis points (bps), yielding 2.98%.

ERATE's Daily Rate Summary

September 09, 2015

Chief Economist Basu at the World Bank joined IMF Chief Lagarde, as well as former U.S. Treasury Secretary Summers, in urging the Fed against hiking rates at the September 16-17 meeting. It was suggested that a rate increase at this time could result in panic in the emerging markets and that it would be better if the Fed waited until the global economy sees more stability. Both China and Japan announced new fiscal stimulus measures leading to a rally in both equities markets.

The Jolts Report is the Labor Department's Job Openings and Labor Turnover Survey. The survey reflects openings as positions that are open and remain unfilled. For the month of July, openings increased to 5.75MM when the forecast called for openings of 5.3MM openings. The reading for June was revised higher from 5.2MM to 5.3MM. The number of unemployed job seekers relative to job openings fell to the lowest level since 2000, yet hiring fell from 5.18MM in June to 4.98MM in July. The Quits Rate, a measure of worker confidence, remained the same for the fourth month, at 1.9%.

Redbook, a weekly indicator of comparable same chain store sales growth rose 1.3% in the week ending September 5th. The report indicates strength going into the Labor Day Holiday due in part to back-to-school purchases as well as seasonal apparel demand.

The MBA Mortgage Application Index fell 6.2% for the week ending September 5th. In the prior week, ending September 29th, the index rose 11.3%. The Refinance Index fell 9.9% while the Purchase Index fell 0.9%. The average rate on a 30 year mortgage rose to 4.10%, climbing 2 basis points (bps) from the prior week.

The Quarterly Services Survey, a measure of revenue from information and technology related industries, rose 1.3% in Q2 over Q1. Year over year growth in revenue climbed 3.8%.

This Week: On Thursday look for Weekly Jobless Claims, Import and Export Prices and Wholesale Trade and on Friday watch for the Producer Price Index (PPI), Consumer Sentiment and the Federal Budget.

Treasury Yields closed flat today with the yield on the mortgage rate-driven 10 year note unchanged, yielding 2.19% and the 30 year bond yielding 2.95%.

ERATE's Daily Rate Summary

September 08, 2015

Equities continued to rise today, shifting buyers away from the security of the Treasury market. The stock market in China rose almost 3% in spite of weak trade data, this sparked speculation that it was in fact Chinese state-backed funds which were responsible for doing the buying. Data released today out of the eurozone came in stronger than expected contributing to a mild rally in most European markets. San Francisco Fed Chief Williams, considered by Fed watchers to be a centrist, revealed in a WSJ interview that he is still undecided as to whether he will vote to raise rates at this month's Fed meeting.

The National Federation of Independent Business (NFIB) Small Business Optimism Index rose 0.5 points to 95.9 in August when the forecast called for an increase to 96.0. The reading for July was 95.4. The employment component of the index surged to the highest level since 2005.

The Conference Board's Employment Trends Index rose to 128.82 in August up from 127.64 in July. The index reflects the health of the labor market and is based on eight indicators. This 4.5% increase over last year's reading reveals an economy that is primed to produce solid job gains over the next four months.

Consumer Credit rose in July by $19.1BB which was higher than the forecast which called for an increase to $18.6BB. The reading for June was revised higher from $20.7BB to $27.0BB.

This Week: On Wednesday watch for Job Openings (JOLTS), Redbook, MBA Mortgage Applications and the Quarterly Services Survey. On Thursday look for Weekly Jobless Claims, Import and Export Prices and Wholesale Trade and on Friday watch for the Producer Price Index (PPI), Consumer Sentiment and the Federal Budget.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 6 basis points (bps) yielding 2.19% and the 30 year bond up 6 basis points (bps) yielding 2.95%.

ERATE's Daily Rate Summary

September 03, 2015

Today brought positive reports on both service sector activity and the trade deficit. Chinese markets were closed for the celebration of the end of World War II giving global markets a breather. The European Central Bank (ECB) left is benchmark rate unchanged as expected and hinted at an extension of QE if needed. All eyes will be on tomorrow's August Jobs numbers, the last report prior to the Fed meeting on September 16th and 17th; it is expected to show that 213,000 jobs were added.

Institute for Supply Management (ISM) non-Manufacturing Index fell to 59.0 in August when the forecast called for a reading of 58.0. The reading for July was 60.3. Note that a reading above 50 reflects an economic expansion.

Weekly Jobless Claims rose to 282,000 for the week of August 23nd through the 29th, this was an increase of 12,000 claims for the period. The forecast called for 275,000 new claims. The previous week saw a revision downward from 271,000 to 270,000 claims. The four-week moving average rose to 275,500, an increase of 3,250 claims. Note that new claims have remained under the 300,000 threshold for the past six month, marking the longest stretch since 2000.

The U.S. Trade Deficit fell 7.4% to $41.9BB in July when the forecast called for a deficit of $41.8BB. The reading for June was revised upward from $43.8BB to $45.2BB. The drop in the trade deficit could be a positive sign for GDP in the third quarter as GDP growth typically comes in stronger when the deficit is shrinking.

Markit Services PMI (final revision) rose to 56.1 in August and was revised higher from the initial reading of 55.2. The reading for July was 55.7. Note that a reading above 50 reflects an economic expansion.

This Week: On Friday look for the August Jobs Report, where 213,000 jobs are expected to have been added, as well as the Unemployment Rate and Average Hourly Earnings.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 3 basis points (bps) yielding 2.16% and the 30 year bond down 2 basis points (bps) yielding 2.93%.


ERATE's Daily Rate Summary

September 02, 2015

U.S. Economic data released today was largely positive as second quarter productivity gains beat estimates while the Fed's Beige Book Report hinted at growing wage pressure within some Federal Reserve Districts. All Fed watchers are anxiously awaiting the release of Friday's Jobs Report for August where 213,000 jobs are expected to have been added. Bond guru Bill Gross criticized the Fed today saying that the opportunity to raise rates had already past and that earlier in the year provided the window that was missed to raise rates without serious fallout from the financial markets.

U.S. Productivity (Q2 final revision) rose at a 3.3% annual rate in the second quarter, the forecast called for an increase of 3.2%, up from the initial reading of 1.3%. This marked the fastest pace of productivity growth since 2013. A sizable jump in productivity was expected following the large upward revision in Q2 GDP from 2.3% to 3.7% last week. However productivity has risen only 0.7% in the past year and is viewed by analysts as having been extremely weak over the course of the six year recovery. Productivity appears to have slowed globally and has remained an inexplicable subject of concern to economists as it is essential to a rising standard of living. Unit Labor Costs fell 1.4%, matching the forecast, after reportedly rising 0.5%. Hourly wages rose 1.8%, unrevised from the prior estimate, while inflation adjusted wages fell 1.1%.

Factory Orders increased 0.4% in July, the second month of gains, though the forecast called for an increase of 1.0%. The reading for June was revised upward from 1.8% to 2.2%.

The ADP Employment Change Report showed that private sector jobs rose by 190,000 in August. The forecast called for an increase of just over 200,000. The reading for July was revised downward from 185,000 to 177,000. Analysts use ADP's report to get a temperature reading on the upcoming jobs report scheduled for release by the Labor Department on Friday. The forecast calls for 213,000 nonfarm jobs to have been added in the month of August.

The Beige Book reflects economic conditions in the 12 Federal Reserve Districts and is used by the Fed in making policy decisions. The report reflected modest to moderate growth for the period between July and mid-August across most regions. Wages were stable and reflected a mild to moderate increase since the time of the last report. However it was noted that several Districts reported seeing rising wage pressure resulting from a tightening labor market.

The MBA Mortgage Application Index rose 11.3% for the week ending August 29th after rising 0.2% the prior week. The Refinance Index jumped 16.8% while the Purchase Index rose 4.1%. The average rate on a 30-year mortgage was unchanged from last week and remains at 4.08%.

This Week: On Thursday watch for Weekly Jobless Claims, the Trade Deficit and ISM Non-Manufacturing. On Friday look for the August Jobs Report, including the Unemployment Rate as well as Average Hourly Earnings.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 3 basis points (bps) yielding 2.19% and the 30 year bond up 4 basis points (bps) yielding 2.95%.

ERATE's Daily Rate Summary

September 01, 2015

The ISM Manufacturing Index slowed to its weakest level in two years just as manufacturing data out of China fell to a three year low. Today's news on manufacturing reveals growing weakness from the world's top two economic powerhouses, the U.S. and China. Canada also appears to have fallen into a technical recession, experiencing two consecutive quarters of negative economic growth, representing more bad news for the U.S. as Canada is its biggest trading partner. All more food for thought as the Fed weighs the timing of its first rate hike since 2006.

The Institute for Supply Management (ISM) Manufacturing Index fell in August to 51.1 when the forecast called for a reading of 52.2. This marked the slowest pace of growth in the sector since May of 2013. The strong dollar has made U.S. exports more costly while global growth is slowing down. The reading for July was 52.7. Note that a reading above 50 reflects an economic expansion.

Construction Spending rose 0.7% in July matching the forecast. The reading for June was revised upward from 0.1% to 0.7%. Construction appears to be the strongest sector of the economy, now comprising 5% of GDP and rising 13.7% in the prior year. It is possible this strong reading could produce an upward revision to Q2 GDP.

The Markit U.S. Manufacturing PMI Index (final revision) rose from 52.9 to 53.0 in August while the forecast called for the reading to remain unchanged. The reading for July was 53.8. Note that a reading above 50 reflects an economic expansion.

This Week: On Wednesday look for Productivity, Factory Orders, Beige Book, Unit Labor Costs and ADP Employment. On Thursday watch for Weekly Jobless Claims, the Trade Deficit and ISM Non-Manufacturing. On Friday look for the August Jobs Report, including the Unemployment Rate as well as Average Hourly Earnings.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 5 basis points (bps) yielding 2.16% and the 30 year bond down 4 basis points (bps) yielding 2.92%.

ERATE's Daily Rate Summary

August 31, 2015

Hawkish comments from Fed Vice-Chair Fischer out of Jackson Hole over the weekend weighed heavily on the markets. Fischer reflected that current disinflationary pressure stemming from the drop in oil prices, as well as the stronger dollar, would prove to be transitory and likely to fade soon. Therefore Fischer went on to say that the Fed should not wait for inflation to reach its target before beginning to raise rates. Fed Funds Futures are currently discounting the probability of a September rate increase at 38%. On-going market volatility in China weighed heavily on global sentiment and the debate continued surrounding the impact that China's sale of $1.5TT of U.S. government debt in support of the yuan will have on Treasury yields. On Thursday the European Central Bank (ECB) is scheduled to meet and there is some speculation they may extend the current asset purchase program (QE) beyond September 2016 in response to global deflationary pressure and the stronger euro.

The Chicago Purchasing Managers Index fell to 54.4 in August when the forecast called for a reading of 54.7 which would have matched the reading for July (at 54.7). Note that a reading above 50 reflects economic expansion.

The Dallas Fed Manufacturing Index dropped unexpectedly to negative 15.8 in August when the forecast called for an increase to negative 4.0 from July's reading of negative 4.6. The Dallas Federal Reserve is reporting a sharp deterioration of conditions in Texas as a result of the decline in oil prices. Note that a reading below zero reflects an economic contraction.

This Week: On Tuesday watch for Markit PMI, ISM and Construction Spending. On Wednesday look for Productivity, Factory Orders, Beige Book, Unit Labor Costs and ADP Employment. On Thursday watch for Weekly Jobless Claims, the Trade Deficit and ISM Non-Manufacturing. On Friday look for the August Jobs Report, including the Unemployment Rate as well as Average Hourly Earnings.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 3 basis points (bps) yielding 2.21% and the 30 year bond up 4 basis points (bps) yielding 2.95%.

 

ERATE's Daily Rate Summary

Nancy Osborne, June 24, 2015

U.S. Treasury yields reversed course following a two day rise as what appeared to be real progress towards a Greek finance resolution began to unravel. Safe-haven buyers of Treasuries brought yields back down modestly today. This marked the second day of this week's Treasury Dept. auction of $90BB in new securities and it was met with very disappointing demand. Today's $35BB five-year note auction saw the weakest demand in three months. It was a light news day with little on the economic calendar scheduled for release.

Q1 Gross Domestic Product (GDP) was revised upward to negative 0.2% from negative 0.7%. This revision was in line with forecasts. The GDP Price Index (or GDP Deflator) was revised upward to a flat reading at 0.0% from a negative reading of 0.1%. The Core PCE Index (ex food and energy) remained unrevised at 0.8% matching forecasts.

The MBA Mortgage Application Index increased 1.6% for the week ending on June 20th after declining 5.5% the previous week. The Refinance Index rose 1.8% and the Purchase Index rose 1.2% for the week.

This Week: On Thursday watch for Consumer Spending and Personal Income as well as Weekly Jobless Claims and Core Inflation. On Friday Consumer Sentiment is scheduled for release.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 4 basis points (bps) yielding 2.37% and the 30 year bond down 5 basis points (bps) yielding 3.15%.

 

ERATE's Daily Rate Summary

Nancy Osborne, June 23, 2015

Treasury yields rose for the second day as demand for safe-haven sovereign debt fell on optimism that a Greek finance deal will be reached. Remarks by Fed Governor Powell, a voting FOMC member, indicated the Fed was looking for a rate increase by September and hoped to follow with another in December, as U.S. economic conditions strengthen in the second half of the year. Some technical pressure was also felt in the Treasury market as $26BB in two-year notes were sold today in the first leg of the government's $90BB auction this week.

New Home Sales rose 2.2% in May to 546,000 units when the forecast called for 525,000 units. This was the best reading since February 2008. The increase in sales came mostly from the Northeast region. The inventory level of new homes fell to a 4.5 month supply, a balanced market calls for a 6 month's supply. The reading for April was revised upward from 517,000 to 534,000.

Durable Goods Orders were down 1.8% for May when the forecast called for a decline of 1.5%. The reading for April was revised downward from a drop of 1.0% to a drop 1.5%. The decline was attributed to a decline in aircraft orders. Excluding transportation, Durable Goods Orders rose 0.5% in May when the forecast called for an increase of 0.6%. April's ex-transport reading was revised lower from a drop of 0.2% to a drop of 0.3%.

Markit U.S. Manufacturing PMI Index fell to 53.4 in June from a 54.0 reading in May. The forecast called for reading of 54.1. A reading above 50 reflects an expansion.

The Richmond Fed Manufacturing Activity Index rose to 6 in June from a reading of 1 in May when the forecast called for an increase to 4. A reading above zero reflects an expansion.

This Week: On Wednesday look for another revision to first quarter GDP and on Thursday watch for Consumer Spending and Personal Income as well as Weekly Jobless Claims and Core Inflation. On Friday Consumer Sentiment is scheduled for release.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 4 basis points (bps) yielding 2.41% and the 30 year bond also up 4 basis points (bps) yielding 3.21%.

ERATE's Daily Rate Summary

June 22, 2015

U.S. Treasuries and German Bunds both moved higher as safe-haven purchases of bonds evaporated with the news of an eleventh hour Greek finance resolution becoming more likely. Nineteen euro zone finance ministers met in Brussels on Monday to hash out a deal between Greece and its creditors, reportedly with serious progress being made towards compromise. Pressure on Treasury prices also came from a solid reading on U.S. Existing Home Sales for May, which the Fed will no doubt take into account in the timing of their first rate move, as well as added technical pressure coming from a $90BB supply of new Treasury notes coming up for auction this week.

Existing Home Sales rose 5.1% in May to 5.35MM units when the forecast called for an increase of 5.25MM units. This was the greatest number of homes sold in a month since November of 2009. The gain was due largely to first time buyers who accounted for 32% of all sales in May. April's sales were revised upward to 5.09MM units from 5.04MM units. The median home price rose 7.9% year-over-year to $228,700. Inventories in May rose 3.2% bringing the supply of available inventory down to 5.1 months.

The Chicago Fed National Activity Index, comprises a weighted average of 85 economic indicators, rose to negative 0.17 from negative 0.19. A reading of zero reflects a growth rate that is running at the U.S. trend line and a negative 0.70 reading indicates a recession is in progress.

This Week: On Monday look for Existing Home Sales and the Chicago Fed Index. On Tuesday watch for Durable Goods Orders and New Homes Sales. On Wednesday look for another revision to first quarter GDP and on Thursday watch for Consumer Spending and Personal Income as well as Weekly Jobless Claims and Core Inflation. On Friday Consumer Sentiment is scheduled for release.

Treasury Yields closed broadly higher today with the yield on the mortgage rate-driven 10 year note up 13 basis points (bps) yielding 2.39% and the 30 year bond also up 13 basis points (bps) yielding 3.18%.

 

ERATE's Daily Rate Summary

Nancy Osborne, June 11, 2015

U.S. Treasury yields saw their sharpest one day decline in over two weeks after falling off of seven month highs. Yields in the U.S. continued to move in tandem with yields in the euro zone as sovereign bonds saw strengthening demand. The final leg of the Treasury's $58BB auction of fixed-rate securities concluded today with the 30-year bond. Also in the mix this week was nearly $30BB in investment grade corporate debt issuances. Retail Sales numbers for May were released today and met expectations for the first time in months, reflecting the greatest monthly rise in several years. Also released today were Initial Jobless Claims and Business Inventories, as well as Import/Export Prices, which were all greater than expected. It is noteworthy that Treasuries with long-dated maturities saw such high demand on a day when the economic data coming in was so strong.

Retail Sales met expectations rising 1.2% in May. A revision for April showed an improvement from an initially flat reading to a gain of 0.2%. With the exception of health and personal care, all retail sectors showed strength with a spending increase in 12 of 14 categories.

Business Inventories for April were up 0.4%, the forecast called for a rise of 0.2%. March's reading remained unrevised up 0.1%.

Weekly Initial Jobless Claims for the week ending June 6th increased to 279,000, rising 2,000 from the previous week. The forecast called for claims of 275,000. Claims for the prior week were revised higher by 1,000 to 277,000. The four-week moving average rose to 278,750, climbing 3,750.

The Import Price Index rose in May by 1.3% versus the projected gain of 0.8%. April's reading was revised upward from a decrease of 0.3% to a drop of only 0.2%

U.S. Treasury Auction Concluded Today: This week the U.S. Treasury sold $58BB in 3-year, 10-year and 30-year securities which was met with solid demand. On Tuesday, $24BB in 3-year notes was auctioned, followed by $21BB in 10-year notes on Wednesday and $13BB in 30-year bonds on Thursday.

This Week: On Friday watch for the Producer Price Index and Consumer Sentiment.

Treasury Yields closed lower today with the yield on the mortgage rate-driven 10 year note down 10 basis points (bps) yielding 2.39% and the 30 year bond down 12 basis points (bps) yielding 3.10%.

ERATE's Daily Rate Summary

Nancy Osborne, June 10, 2015

Today was a very light day on the economic calendar.

U.S. Treasuries continue to move in step with German Bunds. As deflation fears in the euro zone have eased, yields in Germany have soared above 1% for the first time in nine months, sending bond markets around the globe into a tail spin. Add in the blow out U.S. jobs numbers released on Friday, combined with the $58BB government securities auction held this week, along with a hefty supply of corporate bond issuances becoming available and the stage is set for higher yields for U.S. Treasuries.

The MBA Mortgage Application Index increased 8.4% in the past week after falling 7.6% the prior week. The Refinance Index rose 7.0% and the Purchase Index climbed 9.7%. These sizable increases all occurred in a rapidly rising interest rate environment.

U.S. Treasury Auction: This week the U.S. Treasury is scheduled to sell $58BB in 3-year, 10-year and 30-year securities. On Tuesday, $24BB in 3-year notes was auctioned, followed by $21BB in 10-year notes on Wednesday and $13BB in 30-year bonds on Thursday.

This Week: On Thursday look for Retail Sales and Business Inventories and on Friday watch for the Producer Price Index and Consumer Sentiment.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 4 basis points (bps) yielding 2.49% and the 30 year bond also up 4 basis points (bps) yielding 3.22%.

ERATE's Daily Rate Summary

Nancy Osborne, June 9, 2015

Yields on both 10-year and 30-year U.S. Treasuries hit their highest levels in seven months before easing back down slightly. Since April, Treasury yields have risen sharply, almost in lock step with German Bunds, as economic data coming from the euro zone has been better than forecast, pushing yields sharply higher. Friday's release of the surprisingly good May Jobs Report has worked to drive Treasury yields even higher as the possibility of a Fed rate hike in September becomes more likely. Supply pressures are also impacting Treasuries this week as a $58BB three-day U.S. government auction gets underway and as much as $30BB in investment grade corporate bonds are sold.

Wholesale Inventories for April rose 0.4% vs. the forecast for a 0.2% increase. Wholesale Inventories for March were revised upwards to 0.2% from 0.1%. Wholesale Sales rose 1.6% in April after falling 0.3% in March.

Job Openings and Labor Turnover Survey (JOLTS) was released by the Labor Dept. and is considered a report closely watched by Fed Chair Yellen. The survey is a measure of the demand for labor that has not been met. In April, 5.38MM jobs were open and waiting to be filled. This was more than the 5.04MM jobs forecast and was also higher than March's reading of 5.11MM job openings.

The National Federation of Independent Business Small Business Optimism Index for May rose to 98.3, higher than the forecast of 97.2. April's reading remained unchanged at 96.9.

U.S. Treasury Auction: This week the U.S. Treasury is scheduled to sell $58BB in 3-year, 10-year and 30-year securities. On Tuesday, $24BB in 3-year notes will be auctioned, followed by $21BB in 10-year notes on Wednesday and $13BB in 30-year bonds on Thursday.

This Week: On Thursday look for Retail Sales and Business Inventories and on Friday watch for the Producer Price Index and Consumer Sentiment.

Treasury Yields closed higher today with the yield on the mortgage rate-driven 10 year note up 6 basis points (bps) yielding 2.44% and the 30 year bond also up 6 basis points (bps) yielding 3.17%.

ERATE's Daily Rate Summary

June 8, 2015

No major economic indicators are scheduled for release today.

Last week the bond market witnessed its worst week in months. A surprisingly strong May Jobs Report released on Friday had the 10-year Treasury yield, which is a direct driver of mortgage rates, rising the most in nearly two years. Roughly fifteen of seventeen within the Fed now believe that steps should be taken to normalize policy by increasing rates this year. Many analysts are predicting a rate hike by the end of the year as futures currently indicate a 68% chance the Fed will pull the trigger by December.

As the situation in the eurozone drags on, Greece has yet to reach a deal with its creditors after delaying its June 5th payment to the IMF. The debate between debt forgiveness (requested by Greece) vs. expanding austerity (requested by the EU) seems likely to continue until the end of June and may ultimately lead to a referendum by the Greek government as 75% of Greeks wish to remain in the European Union.

Watch for some technical pressure in the bond market this week as the supply of corporate issuances is higher than usual and will be countered by a fresh supply of government securities becoming available. This week the U.S. Treasury is scheduled to sell $58BB in 3-year, 10-year and 30-year securities. On Tuesday, $24BB in 3-year notes will be auctioned, followed by $21BB in 10-year notes on Wednesday and $13BB in 30-year bonds on Thursday.

This Week: On Tuesday look for Wholesale Inventories and on Thursday, Retail Sales and Business Inventories. On Friday watch for the Producer Price Index and Consumer Sentiment.

Treasury Yields closed relatively flat today with the yield on the mortgage rate-driven 10 year note down 3 basis points (bps) yielding 2.38% and the 30 year bond roughly unchanged yielding 3.11%.

ERATE's Daily Rate Summary

May 8, 2015

Jobs Report Day

The Fed is likely to keep any changes to monetary policy on ice as today's employment report did nothing to cause them to change course. Non-farm Payrolls for April increased by 223,000, slightly below the forecasted 230,000 target, yet strong enough to show that the dismal first quarter is in the rear view mirror and the second quarter is off to a good start. However the downward revision of March's employment number was concerning with only 85,000 jobs added, reflecting the lowest number of jobs created since June of 2012. The Unemployment Rate dropped to 5.4% from 5.5%, coming within striking distance of the 5.0%-5.2% target range which the Fed defines as full-employment. Overall this report reinforced a very bad first quarter and provides hope for a stronger start to the second quarter.

The Labor Force Participation Rate which reflects the percentage of working age Americans who are employed or seeking a job rose 0.1% to 62.8% from March's reading of 62.7%. That is up from a 35+ year low in labor participation. The Underemployment Rate which signals the number of Americans who want a job but have given up the search, as well as those who are working part time but would prefer a full-time job, dropped to 10.8% from 10.9%, marking the lowest level since August of 2008.

Private Sector Payrolls increased by 213,000, missing the forecast of 225,000. Average Hourly Earnings rose 0.1% compared to the forecasted 0.2%. The sectors with strong job growth included: business services, healthcare and construction while mining continued taking a hit in accordance with a strained energy industry.

In non-employment related economic news, Wholesale Inventories rose 0.1% in March missing the forecast of 0.3% and following a downward revision of February's number to 0.2% from 0.3%.

Treasury yields closed lower following several highly volatile weeks for the bond market, with the yield on the mortgage rate driving 10 year note down 4 basis point (bps) yielding 2.14% while the 30 year bond was down 1 basis points (bps) yielding 2.90%.

ERATE's Daily Rate Summary

May 7, 2015

The global bond market sell-off hit the pause button as upward spiraling yields pulled back down slightly helping to curtail the rapid rise in Treasury yields which sent the 30 year bond higher than 3 percent for the first time this year. Investors in sovereign debt holding negative or minimal yields were caught off guard by the abrupt rise in oil prices and began dumping German Bunds at a pace not seen in decades. U.S. Treasuries saw a technical rally under way as traders moved from equities into Treasuries in a risk-off trade. U.S. Treasuries are also benefiting from buying in Japan as well as a lack of new corporate bond issues present in the market.

U.S. Economic data released shows Weekly Initial Jobless Claims increasing by 3,000 last week to 265,000 when the consensus was looking for 278,000. In a rare move, the four week moving average fell below 280,000.

The markets hold their breath as they wait for the release of the April Jobs Report on Friday, where analysts are looking for an additional 230,000 jobs created for the month.

Treasury yields closed lower for a change, with the yield on the mortgage rate driving 10 year note down 7 basis point (bps) yielding 2.19% while the 30 year bond was down 9 basis points (bps) yielding 2.91%.

ERATE's Daily Rate Summary

May 6, 2015

The unprecedented global bond sell off sparked by the Euro zone countries has pushed bond yields to their highest levels of the year. There is no singular catalyst for the sell off other than a confluence of events which have now generated a loss of $430 billion in a very short period of time. Whether the cause is due to technical factors of crowded trades being squeezed out with fewer exit options as a result of a lack of liquidity, or whether a rise in oil prices sparked by the decline in the dollar as a result of events in Europe have led to an abrupt end to deflation fears, no one clear factor stands out. The bond market appears to be in unchartered territory now as typically correlated moves in the market have all but evaporated. Some analysts believe what is occurring now may be the result of the Quantitative Easing program (QE) beginning in Europe and look to similarities in Japan when they began their QE program in 2013 as a road map.

Economic news in the U.S. today showed non-farm productivity falling 1.9% as forecast and Unit Labor Costs rising 5.0% beating the forecasted 4.5% figure.

The big news in private payroll had the ADP National Employment Report reflecting an increase of 169,000 jobs in April when a rise of 200,000 was forecast. All eyes will be watching the U.S. Labor Department's release of the monthly Non-Farm Payroll Report which is due to be released this Friday and is expected to show a rise of 230,000 jobs for the month of April.

The MBA Mortgage Application Index fell 4.6% last week after falling 2.3% the prior week. The big drop in the Refinance Index was offset slightly by a rise in the Purchase Index.

Treasury yields closed higher yet again with the yield on the mortgage rate driving 10 year note up 7 basis point (bps) yielding 2.25% while the 30 year bond was also up 10 basis points (bps) yielding 3.01%.


ERATE's Daily Rate Summary April 29, 2015

The Fed ended its two day meeting today without any changes in rate hike expectations. No reference to a time line on the calendar was made to any upcoming Fed meeting and so it appears that the data dependent and meeting specific approach by the Fed will continue. The trend of disappointing economic news in the first quarter was framed by the Fed to have been the likely result of transitory factors occurring in the winter months. The committee also indicated it would like to see further improvement in the labor market, as well as gain confidence that the inflation rate is moving towards its 2% target before making a move. All of the aforementioned suggest that the wait may be pushed at least into the third quarter. Though the Fed did not rule out a rate hike at its June meeting, and though it may be leaning towards raising the Fed Funds rate, the economic data at this time does not warrant it. A consensus of economists see September as the likely time frame for the Fed's first rate hike since June of 2006, yet investors futures contracts point towards a December time line.

First quarter GDP results revealed growth at an anemic 0.2% annual rate, well below the 1.0% that was forecast. And on inflation, the GDP Price Index fell 0.1% when an increase of 0.5% was forecast while the core PCE Index, excluding food and energy, disappointed rising 0.9% when an increase of 1.0% was expected. However personal consumption figures were rosier than anticipated, rising 1.9% which was higher than the forecasted 1.7%.

Treasury yields closed higher with the yield on the mortgage rate driving 10 year note up 4 basis point (bps) yielding 2.05% and the 30 year bond rising 5 basis point (bps) yielding 2.76%.

 

ERATE's Daily Rate Summary April 28, 2015

Today the Fed began its scheduled two day meeting and is due to release its policy statement tomorrow at 2:00 pm. A crop of economic data falling below analysts' forecasts will likely result in the Fed leaving rates unchanged in the near term. A drop in energy sector production resulting from falling oil prices coupled with a fall in capital spending, along with the strength of the dollar, compounded by severe winter weather and port disruptions on the West Coast, all add up to a probable delay in pulling the trigger on the Fed's long anticipated rate increase.

Bond investors reduced their holdings today as a fresh supply of both Treasuries and corporate offerings became available this week. The Treasury Dept. conducts its auction of $90 billion in Treasuries of multiple maturities this week as several large corporate issues from Oracle and Amgen also compete for investor's cash.

Today's data on the economy revealed housing numbers that were better than forecast as the S&P/Case-Shiller index showed that home prices in 20 cities grew by 5.0% in February from a year ago when an increase of only 4.7% was expected. However U.S. consumer confidence figures disappointed as they fell to 95.2 in April from 101.4 in March.

Treasury yields closed at the high end of the trading range with the yield on the mortgage rate driving 10 year note up 8 basis point (bps) yielding 2.00% and the 30 year bond rising 9 basis point (bps) yielding 2.70%.


ERATE's Daily Rate Summary April 27, 2015

The early price decline seen in bonds eased later today as traders were hesitant to make bets ahead of the two day Fed meeting being tomorrow. The bond market has been stuck in a tight trading range since the Fed's previous meeting in March. No changes are anticipated by analysts at the Fed's upcoming meeting as the data dependent Fed has seen a rash of weaker than expected U.S. economic data recently. The strong dollar has hampered U.S. export activities so expectations remain that the Fed will maintain the near zero interest rate policy it has held since December of 2008.

U.S. service sector growth slowed more than forecast as the preliminary Markit U.S. Services PMI Index dropped to 57.8 in April from 59.2 in March. However a positive uptick in business activity was noted in April as well as a positive sign for payroll figures which reflected the fastest increase since June of 2014. But continuing with mixed bag results, the Dallas Fed Manufacturing Index revealed a decline in activity for the region which was more severe than expected.

Bond prices began the day on a weak note due to bond traders reducing their safe haven holding of U.S. Treasuries and German Bunds as Greek Debt yields dropped while negotiations surrounding Greece have made some apparent progress. The outcome in Greece will likely be the primary driver of U.S. Treasury prices until such time as the Fed makes a move on rates.

Treasury yields were relatively flat with the yield on the mortgage rate driving 10 year note up 1 basis point (bps) yielding 1.92% and the 30 year bond unchanged from Friday yielding 2.61%.

ERATE's Daily Rate Summary

April 24, 2015

U.S. Economic Data continued to weaken making a near term rate hike by the Fed less of a sure bet. While today's release of U.S. Durable Goods Orders for March jumped by the strongest number in eight months, increasing 4% from a drop of 1.4% in February, the report also showed declining demand with the exception of automobiles and aircrafts. Absent the transportation sector, durable goods orders have now fallen for six consecutive months. Even more concerning was the drop by 0.5% in demand for a critical component reflecting future business investment.

Treasury yields fell with the yield on the mortgage rate driving 10 year note down 5 basis points (bps) yielding 1.91% and the 30 year bond also down 4 bps yielding 2.61%.

A flood of weaker than expected economic data, occurring since the Feds previous meeting in March, has resulted in a number of economists downward revision of their 2015 outlook for the U.S. economy. A growing number of economists project that economic growth in the U.S. has slowed to 1-1.5% for the first quarter of 2015.

The two day Fed meeting will begin on Tuesday and no significant changes are anticipated at this time.

ERATE's Daily Rate Summary

April 23, 2015

U.S. Treasuries fell from the nearly four week highs reached yesterday as signs of weakness seeped back into the latest economic data. New home sales dropped unexpectedly to an annual rate of 481,000, down from February's revised robust number of 543,000. This decline represents an 11.4% drop. According to Wells Fargo Senior Economist Anika Kahn, mortgage loan applications, which are a leading indicator, are currently reflective of strength in the housing sector and the poor reading today may be more the result of a harsh winter shake off.

Treasury yields fell with the yield on the mortgage rate driving 10 year note down 2 basis points (bps) yielding 1.96% and the 30 year bond also down 2 bps yielding 2.65%.

Weekly initial jobless claims also rose by 1,000 reaching 295,000, this was above the estimated number of 287,000. April's preliminary Markit U.S. Manufacturing PMI index fell to 54.2 from March's 55.7 level as economists expected. Friday, watch for the release of the March Durable Goods Orders for another signal on the economy.

 

Mortgage Rates slightly lower per Fredde Mac Weekly Survey

Freddie Mac Primary Mortgage Market Weekly Survey Results

April 23, 2015
30 Year Fixed Rates
By region, Freddie Mac reports rates are slightly lower.
Northeast Region : 3.62% with 0.6 discount points
West Region : 3.62% with 0.7 discount points
Southeast Region : 3.77% with 0.5 discount points
North Central Region : 3.63% with 0.6 discount points
Southwest Region : 3.68% with 0.4 discount points

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ERATE's Daily Rate Summary

April 22, 2015

The yields on U.S. Treasuries rose to their highest levels in weeks as investors sparked a broad selloff of low-risk government debt including holdings of German Bunds, British Gilts as well as U.S. Treasuries. Expectations that the Fed may move to finally increase rates this year heightened with stronger than anticipated figures in the housing market as March existing home sales hit the highest level in 18 months rising to an annualized rate of 5.19 million.

A positive signal for near term interest rates could be the apparent decoupling of the VIX and VSTOXX, measures of U.S. and European stock market volatility. While both have been closely correlated in the past, their recent divergence may signal of an easing of global systemic risk. The divergent policies of the global central banks, which have likely produced this uncoupling, may mean that the U.S. is importing lower rates from abroad. This is likely to create stability in mortgage rates, with the 10 year treasury hovering at or below 2% until such time as the European Central Bank and the Bank of Japan begin increasing rates.

Treasury yields closed mostly higher with the yield on the mortgage rate driving 10 year note up 7 basis points (bps) yielding 1.98% and the 30 year bond up 8 bps yielding 2.66%.

ERATE's Daily Rate Summary

April 21, 2015

The U.S. bond market reversed its early advance as treasury prices fell for the second consecutive day. Bond investors were resistant to add to their holdings absent any major economic data releases on the calendar. The bond market lacks conviction in any direction at this point ahead of next week's Fed policy meeting. Though it's anticipated that the Fed will not raise rates at their meeting next Wednesday, the consensus is that they will end their 6.5 year zero interest rate policy by the end of the year.

Treasury yields closed mostly lower with the yield on the mortgage rate driving 10 year note up 2 basis points (bps) yielding 1.91% and the 30 year bond also up 2 bps yielding 2.58%.

The biggest driver of the market activity today may be the on-going will they/won't they speculation on whether Greece will exit the EURO potentially sparking a drag down of all of Europe spreading onto the broader global economy.

Freddie Mac Primary Mortgage Market Weekly Survey Results

April 16, 2015
30 Year Fixed Rates
By region, Freddie Mac reports rates are slightly higher
Northeast Region : 3.65% with 0.7 discount points
West Region : 3.64% with 0.7 discount points
Southeast Region : 3.79% with 0.5 discount points
North Central Region : 3.64% with 0.6 discount points
Southwest Region : 3.71% with 0.5 discount points

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Freddie Mac Primary Mortgage Market Weekly Survey Results
April 9, 2015
30 Year Fixed Rates
By region, Freddie Mac reports rates are lower!

Northeast Region : 3.66% with 0.5 discount points
West Region : 3.63% with 0.7 discount points
Southeast Region : 3.75% with 0.5 discount points
North Central Region : 3.62% with 0.5 discount points
Southwest Region : 3.68% with 0.6 discount points

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Primary Mortgage Market Survey Results
April 2, 2015

Rates in the West Region 3.67 average 0.5% with discount points required.

By region, Freddie Mac reports :

Northeast Region : 3.69% with 0.5 discount points
West Region : 3.67% with 0.7 discount points
Southeast Region : 3.8% with 0.5 discount points
North Central Region : 3.68% with 0.6 discount points
Southwest Region : 3.73% with 0.5 discount points


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Primary Mortgage Market Survey Results
March 26, 2015

Rates in the West Region average 3.64% with 0.8 discount points required.

By region, Freddie Mac reports :

  • Northeast Region : 3.69% with 0.5 discount points
  • West Region : 3.64% with 0.8 discount points
  • Southeast Region : 3.79% with 0.5 discount points
  • North Central Region : 3.68% with 0.6 discount points
  • Southwest Region : 3.74% with 0.5 discount points

LendingTree Clean Rate Table_DarkGreen_336x280

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Primary Mortgage Market Survey Results
March 19, 2015 Rates in the West Region average 3.76% with 0.7 discount points required.

By region, Freddie Mac reports :

  • Northeast Region : 3.76% with 0.6 discount points
  • West Region : 3.73% with 0.7 discount points
  • Southeast Region : 3.87% with 0.5 discount points
  • North Central Region : 3.77% with 0.7 discount points
  • Southwest Region : 3.84% with 0.6 discount points

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Primary Mortgage Market Survey Results
March 12, 2015

Rates in the West Region average 3.80% with 0.7 discount points required.

By region, Freddie Mac reports :

  • Northeast Region : 3.86% with 0.5 discount points
  • West Region : 3.80% with 0.7 discount points
  • Southeast Region : 3.95% with 0.5 discount points
  • North Central Region : 3.85% with 0.6 discount points
  • Southwest Region : 3.89% with 0.6 discount points

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Primary Mortgage Market Survey Results
March 5, 2015

Rates in the West Region average 3.70% with 0.6 discount points required.

By region, Freddie Mac reports :

  • Northeast Region : 3.72% with 0.6 discount points
  • West Region : 3.70% with 0.7 discount points
  • Southeast Region : 3.84% with 0.5 discount points
  • North Central Region : 3.73% with 0.7 discount points
  • Southwest Region : 3.82% with 0.5 discount points

Mortgage Rates Drop

For the week ending January 13, 2015 the average conforming 30-year mortgage interest rate dropped to 3.84 percent. Last week the rate was 3.96 percent. For a year-over-year perspective, the average rate last year at this time was 4.63.

The national range for the 30-year rate varied, with lows at 3.57 percent and highs at 5.08 percent.

The average rate for the 15-year fixed rate mortgage (FRM) also dropped this week. The average rate for the week ending January 13, 2015 was 3.16, compared to 3.26 last week. A year ago, the rate averaged 3.67.

The low and high 15-year FRM rates came in at 2.92 percent and 4.07 percent, respectively.

Average rates for the 30-year jumbo loan were also included in the ERATE report. The average interest rate dropped to 3.96 percent for the week ending January 13, compared to 4.06 percent a week earlier. The rate was 4.60 percent a year ago. Rates ranged nationwide from 3.42 to 5.08.

Finally, average 5/1 ARM loan rates also posted a drop from last week. Average rates for the week ending January 13, were 2.97 percent, compared to 3.02% last week. The lowest 5/1 ARM rate in the country was 2.77 percent, and the highest 3.15% percent. The rate was 2.99% percent a year ago.

National APR (annual percentage rates) numbers in the ERATE Interest Rate Update are tallied from the interest rates of some 200 mortgage originators nationwide. Formed in 1999, erate.com is a financial information publisher and interest rate tracker.

Mortgage Rates Spike: ERATE Interest Rate Update

By Amy Lillard

Mortgage interest rates made major jumps across the board this week compared to last, according to the ERATE Interest Rate Update. After a couple weeks of steady rates, the spike may leave some buyers and market analysts concerned.

For the week ending August 20, 2013 the average conforming 30-year mortgage interest rate climbed to 4.78 percent. Last week the rate was 4.56 percent. For a year-over-year perspective, the average rate last year at this time was 3.92.

The national range for the 30-year rate varied, with lows at 3.59 percent and highs at 5.77 percent.

The average rate for the 15-year fixed rate mortgage (FRM) also increased this week. The average rate for the week ending August 20 was 3.76, compared to 3.60 last week. A year ago, the rate averaged 3.15.

The low and high 15-year FRM rates came in at 2.71 percent and 4.99 percent, respectively.

Average rates for the 30-year jumbo loan were also included in the ERATE report. The average interest rate rose to 4.82 percent for the week ending August 20, compared to 4.63 percent a week earlier. The rate was 4.26 percent a year ago. Rates ranged nationwide from 3.95 to 6.20.

Finally, average 5/1 ARM loan rates also posted a small jump over last week. Average rates for the week ending August 20 were 3.10 percent, compared to 3.07 last week. The lowest 5/1 ARM rate in the country was 2.60 percent, and the highest 4.08 percent. The rate was 3.12 percent a year ago.

National APR (annual percentage rates) numbers in the ERATE Interest Rate Update are tallied from the interest rates of some 200 mortgage originators nationwide. Formed in 1999, erate.com is a financial information publisher and interest rate tracker.

Mortgage Rates Drop: ERATE Interest Rate Update

By Amy Lillard

(8/14/2013) Mortgage interest rates posted declines across the board this week compared to last, according to the ERATE Interest Rate Update. After weeks of increases, the drop was a move in the right direction for consumers and housing market analysts alike.

For the week ending August 13, the average conforming 30-year mortgage interest rate decreased to 4.56 percent. Last week the rate was 4.60 percent. For a year-over-year perspective, the average rate last year at this time was 3.79.

The national range for the 30-year rate varied, with lows at 3.59 percent and highs at 5.69 percent.

The average rate for the 15-year fixed rate mortgage (FRM) also declined this week. The average rate for the week ending August 13 was 3.60, compared to 3.65 last week. A year ago, the rate averaged 3.05.

The low and high 15-year FRM rates came in at 2.71 percent and 4.99 percent, respectively.

Average rates for the 30-year jumbo loan were also included in the ERATE report. The average interest rate slid down to 4.63 percent for the week ending August 13, compared to 4.69 percent a week earlier. The rate was 4.20 percent a year ago. Rates ranged nationwide from 3.95 to 6.20.

Finally, average 5/1 ARM loan rates posted a small decline over last week. Average rates for the week ending August 13 were 3.07 percent, compared to 3.08 last week. The lowest 5/1 ARM rate in the country was 2.60 percent, and the highest 4.08 percent. The rate was 3.11 percent a year ago.

National APR (annual percentage rates) numbers in the ERATE Interest Rate Update are tallied from the interest rates of some 200 mortgage originators nationwide. Formed in 1999, erate.com is a financial information publisher and interest rate tracker.



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Mortgage Rates Stay Steady: eRate Interest Rate Update

By Amy Lillard

(8/7/2013) Mortgage interest rates changed little this week compared to last, according to the eRate Interest Rate Update. This week's steady average rates were a change from a weeks-long trend of increases, providing a bit of good news for housing market analysts.

The average 30-year, conforming mortgage interest rate had a very slight increase to 4.60 percent the week ending August 6, from 4.58 percent last week. Last year at this time, the average was 3.76.

The national range for the 30-year rate varied, with lows at 3.74 percent and highs at 5.63 percent.

The 15-year fixed rate mortgage (FRM) stayed nearly the same this week. The average rate for the week ending August 6 was 3.65, compared to 3.64 last week. A year ago, the rate averaged 3.03.

The low and high 15-year FRM rates came in at 2.95 percent and 4.99 percent, respectively.

Erate also reported on average rates for the 30-year jumbo loan. The average interest rate inched up to 4.69 percent for the week ending August 6, compared to 4.67 percent a week earlier. The rate was 4.14 percent a year ago. Rates ranged from 3.95 to 6.20.

The 5/1 ARM loan rates also stayed nearly the same across the board this week. Average rates for the week ending August 6 were 3.08 percent, compared to 3.09 last week. The lowest 5/1 ARM rate was 2.58 percent, and the high 4.08 percent. The rate was 3.11 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide. Erate.com is a financial information publisher and interest rate tracker formed in 1999.

 

Mortgage Rates Climb Slowly: eRate Interest Rate Update

By Amy Lillard

(7/30/2013)Mortgage interest rates were up across the board this week, continuing a weeks-long trend, according to the eRate Interest Rate Update.

The average 30-year, conforming mortgage interest rate edged up to 4.58 percent the week ending July 30, up from 4.52 percent last week. Last year at this time, the average rate was 3.78.

The national range for the 30-year rate varied, with lows at 3.72 percent and highs at 5.62 percent.

For 15-year fixed rate mortgages (FRM) rates also rose slightly. The average rate for the week ending July 30 was 3.64, compared to 3.60 last week. A year ago, the rate averaged 3.06.

The low and high 15-year FRM rates came in at 2.97 percent and 4.99 percent, respectively.

Erate also reported on average rates for 30-year jumbo loans. The average interest rate moved up to 4.67 percent for the week ending July 30, compared to 4.58 percent a week earlier. The rate was 4.16 percent a year ago. Rates ranged from 4.07 to 6.20.

For the 5/1 ARM loan, rates remained nearly the same at 3.09 percent, compared to 3.08 last week. The lowest 5/1 ARM rate was 2.58 percent, and the high, 4.08 percent. The rate was 3.12 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide. Erate.com is a financial information publisher and interest rate tracker formed in 1999.

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Rates on 30 year mortgage hits 2 year high

by Jeff Howard

(7/11/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 4.51 percent, with an average 0.8 point, the week ending July 11, 2013 according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 4.29 percent. It was 3.56 percent a year ago.

Rate going up

Meanwhile, the average interest rate on the 15-year FRM was 3.53 percent, with an average 0.8 point, up from last week when it averaged 3.39 percent. A year ago, the 15-year FRM averaged 2.86 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 3.26 percent, with an average 0.7 point, up form 3.10 percent last week, and up from the average 2.74 percent a year ago.

Finally, for the week ending May 30, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.66 percent, with an average 0.5 point, the same as last week, and down from 2.69 percent a year ago.

 

Most benchmark mortgage rates up this week

by Jeff Howard

(6/27/2013) – Most major mortgage interest rates were on the rise this week, a trend in affect for a few weeks, according to the Erate Interest Rate Update

Wall Street has been experiencing a downward move for the last four weeks.

 

Meanwhile, the average on the major benchmark 30-year, conforming mortgage interest rate jumped to 4.63 percent the week ending June 25, up from 4.16 percent last week.

The 30-year rate ranged from 3.45 percent to 5.43 percent for the week. A year ago, the rate was 3.90 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also up from 3.28 percent last week to 3.72 percent, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.74 percent and 2.79 percent, respectively. A year ago, the rate averaged 3.16 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked up to 4.71 percent, the week ending June 25, compared to 4.26 percent a week earlier. The rate was 4.36 percent a year ago and the spread ranged from 3.70 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM was up at 3.09 percent. The lowest 5/1 ARM rate was 2.51 percent, and the high, 4.08 percent. The rate was 3.15 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

 

30 Year fixed rate take a short break and drop some! *

by Jeff Howard

(6/20/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.93 percent, with an average 0.8 point, the week ending June 20, 2013 according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.98 percent. It was 3.66 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 3.04 percent, with an average 0.7 point, down from last week when it averaged 3.10 percent. A year ago, the 15-year FRM averaged 2.95 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.79 percent, with an average 0.5 point, same as 2.79 percent last week, and down from the average 2.77 percent a year ago.

Finally, for the week ending May 30, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.57 percent, with an average 0.4 point, down from last when it average 2.58, and down from 2.74 percent a year ago.

* Keep in mind that this is a survey put on by Freddie Mac and although it is dated today (6/20/13)I have noticed that the rates being quoted by lenders today are higher than they were last week

 

 

30 Year fixed rate mortgage rise to 14 month high!

by Jeff Howard

(6/13/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.98 percent, with an average 0.7 point, the week ending June 13, 2013 according to Freddie Mac's weekly Primary Mortgage Market Survey.
Rate going up

Last week, the 30-year FRM averaged 3.91 percent. It was 3.71 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 3.10 percent, with an average 0.7 point, up from last week when it averaged 3.03 percent. A year ago, the 15-year FRM averaged 2.98 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.79 percent, with an average 0.6 point, up from 2.74 percent last week, and down from the average 2.8 percent a year ago.

Finally, for the week ending May 30, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.58 percent, with an average 0.4 point, the same as last week, and down from 2.78 percent a year ago.



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Fixed mortgage rates still climbing

by Jeff Howard

(6/6/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.91 percent, with an average 0.7 point, the week ending June 6, 2013 according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.81 percent. Rates Increasing Chart

Meanwhile, the average interest rate on the 15-year FRM was 3.03 percent, with an average 0.7 point, up from last week when it averaged 2.98 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.74 percent, with an average 0.5 point, up from 2.66 percent last week.

Finally, for the week ending May 30, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.58 percent, with an average 0.4 point, down from 2.54 percent last week.

 

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Fixed Mortgage Rates hit 12 Month High!

by Jeff Howard

(5/30/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.81 percent, with an average 0.8 point, the week ending May 30, 2013 according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.59 percent. It was 3.75 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.98 percent, with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago, the 15-year FRM averaged 2.97 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.66 percent, with an average 0.5 point, up from 2.63 percent last week, and down from the average 2.84 percent a year ago.

Finally, for the week ending May 30, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.54 percent, with an average 0.5 point, down from 2.55 percent last week, and down from 2.75 percent a year ago. Does anyone originate these 1-year ARMs anymore?

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance. Improving economic data may have encouraged those views. For instance, the Conference Board reported that confidence among consumers rose in May to its highest level since February 2008. Meanwhile, the S&P/Case-Shiller® 20-city composite index for March rose to its highest reading since November 2008 (seasonally adjusted).All 20 cities had positive monthly gains, led by a 3.2 percent increase in Las Vegas."



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Mortgage interest rates rise

by Corbin Perkins
DeadlineNews.Com

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.42 percent, with an average 0.7 point, the week ending May 9, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.35 percent. It was 3.83 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.61 percent, with an average 0.7 point, up from last week when it averaged 2.56 percent. A year ago, the 15-year FRM averaged 3.05 percent.

"Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year. On top of that, revisions added 114,000 more jobs to February and March as well. All of these factors allowed the unemployment rate to fall to 7.5 percent in April, the lowest since December 2008," says Frank Nothaft, vice president and chief economist at Freddie Mac.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.58 percent, with an average 0.5 point, up from 2.56 percent last week, and down from the average 2.81 percent a year ago.

Finally, for the week ending May 9, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.53 percent, with an average 0.4 point was the only rate to drop down from 2.56 percent last week. It was also down from 2.73 percent a year ago.

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Most benchmark mortgage rates up this week

by Broderick Perkins
DeadlineNews.Com

(5/7/2013) – Most major mortgage interest rates were on the rise this week, after other rate surveys saw rates fall to record lows for the past two weeks, according to the Erate Interest Rate Update.

Some buoyancy came from Wall Street investment markets. On a tear for the past week, the Dow closed on May 7 above 15,000 for the first time ever. Investors also pushed the S&P 500 to a new record of 1,625.96.

Meanwhile, the average on the major benchmark 30-year, conforming mortgage interest rate jumped to 3.63 percent the week ending May 7, up from 3.59 percent last week.

The 30-year rate ranged from 3.22 percent to 5.38 percent for the week. A year ago, the rate was 4.05 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also up from 2.79 percent last week to 2.83 percent, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.02 percent and 2.28 percent, respectively. A year ago, the rate averaged 3.26 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked up to 3.87 percent, the week ending May 7, compared to 3.84 percent a week earlier. The rate was 4.48 percent a year ago and the spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM was unchanged at 2.88 percent. The lowest 5/1 ARM rate was 2.44 percent, and the high, 4.08 percent. The rate was 3.14 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was also unchanged at 4.61 percent. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans, was likewise unchanged at 6.05 percent. Home equity rates ranged from 2.50 percent to 9.95 percent. The average was 6.35 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Mortgage rates continue run on record lows

by Corbin Perkins
DeadlineNews.Com

(5/2/2013) - Average interest rates for both the 15-year fixed rate mortgage (FRM) and the 5-year adjustable rate mortgage (ARM) fell to new record lows, both for the second consecutive week, according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ending May 2.

Rates Down

Even as housing remains the economy's strongest cornerstone, rates were being pushed lower by overall economic performance that's below expectations, according to Frank Nothaft, vice president and chief economist of Freddie Mac.

"Mortgage rates eased somewhat following the release of the advance estimate of real Gross Domestic Product (GDP) growth for the first quarter of the year, which rose 2.5 percent, but fell short of the market consensus forecast," Nothaft said.

The economy may be limping along, but housing growth continues and appears permanent for the current cycle.

"Residential fixed investment … over the past eight consecutive quarters … contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term," Nothaft added.

Meanwhile, for the week ending May 2, the average rate on the 30-year FRM came in at 3.35 percent, with an average 0.7 point. That's just above the rate's all-time record low of 3.31 percent, set the week of November 21, 2012.

Last week, the 30-year FRM averaged 3.40 percent. It was 3.84 percent a year ago.

The average interest rate on the 15-year FRM was a new record low of 2.56 percent, with an average 0.7 point, down from last week when it averaged 2.61 percent. A year ago, the 15-year FRM averaged 3.07 percent.

For the 5-year Treasury-indexed hybrid ARM, the average interest rate was 2.56 percent, also a new record low, with an average 0.5 point, down from 2.58 percent last week, and down from the average 2.85 percent a year ago.

Finally, for the week ending May 2, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.56 percent, with an average 0.3 point, down from 2.62 percent last week, and down from 2.70 percent a year ago.

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Benchmark mortgage interest rates continue slide

by Broderick Perkins
DeadlineNews.Com

(4/30/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate slipped to 3.59 percent the week ending April 30, down from 3.64 percent last week, according to the Erate Interest Rate Update.

The 30-year rate ranged from 3.22 percent to 5.38 percent for the week. A year ago, the rate was 4.07 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also down to 2.79 percent, from 2.83 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.02 percent and 2.25 percent, respectively, both also down from a week ago. A year ago, the rate averaged 3.31 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked up to 3.84 percent, the week ending April 30, compared to 3.83 percent a week earlier. The rate was 4.48 percent a year ago and the spread ranged from 3.38 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM also came down to 2.88 percent, from 2.90 percent a week ago. The lowest 5/1 ARM rate was 2.44 percent, and the high, 4.08 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) ticked up to 4.61 percent, after languishing at 4.60 percent for more than a month. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans, went the other way, ticking down to 6.05 percent after two weeks at 6.06 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.35 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Mixed economy pushes 15-year FRM and 5-year ARM to record lows

by Corbin Perkins
DeadlineNews.Com

(4/25/2013) – Falling prices at the pump weren't enough to offset the impact of the global economy running out of gas.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.40 percent, with an average 0.8 point, the week ending April 25, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.41 percent. It was 3.88 percent a year ago.

Meanwhile, gasoline prices fell 30 cents a gallon since the high of $3.80 a gallon earlier this year. Falling oil prices pushed down the price at the pump.

Capital Economics reported if prices slip below $3.40 a gallon this summer, as expected, consumers will have more money to spend on other items including cloths, electronics and entertainment.

That kind of good news would give interest rates a boost. However, the International Monetary Fund recently slashed it's outlook for global growth to only 3.3 percent – still a level seen as Pollyannaish.

Mortgage rates continued to fall, in some cases to new record lows.

The average interest rate on the15-year FRM fell to 2.61 percent, a new record low, with an average 0.7 point, down from last week when it averaged 2.64 percent. A year ago, the 15-year FRM averaged 3.12 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.58 percent, also a new record low, with an average 0.5 point, down from 2.60 percent last week, and down from the average 2.85 percent a year ago.

Finally, for the week ending April 25, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down from 2.63 percent last week, and down from 2.74 percent a year ago.



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Home sales decline, low inflation push 30-year fixed rates closer to 3.5% mark

by Broderick Perkins
DeadlineNews.Com

(4/23/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate slipped to 3.64 the week ending April 23, after remaining at 3.66 percent for the previous two weeks, according to the Erate Interest Rate Update.

The decline came after news that home sales slipped 0.6 percent from February to March, according to the National Association of Realtors.

Meanwhile, Federal Reserve officials worried over the rate of inflation slipping to 1.3 percent.

"That's pretty low. I'm getting concerned about that, and I think that gives the FOMC (Federal Reserve Open Market Committee) some room to maneuver on its monetary policy," said St. Louis Federal Reserve Bank President James Bullard, during a recent Levy Economics Institute event.

The 30-year rate ranged from 3.29 percent to 5.38 percent for the week. A year ago, the rate was 4.07 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also down to 2.83 percent, from 2.86 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.07 percent and 2.27 percent, respectively. A year ago, the rate averaged 3.31 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan also fell, to 3.83 percent, the week ending April 23, down from 3.85 percent. The rate was 4.50 percent a year ago. The spread ranged from 3.43 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM was unchanged at 2.90 percent. Also unchanged were the lowest 5/1 ARM rate, 2.44 percent, and the high, 4.10 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the fifth week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was also unchanged from last week at 6.06 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.36 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Mortgage rates slip closer to record lows

by Corbin Perkins
DeadlineNews.Com

(4/18/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.41 percent, with an average 0.7 point, the week ending April 18, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.43 percent. It was 3.90 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.64 percent, with an average 0.7 point, for the week ending April 18, down from last week when it averaged 2.65 percent. A year ago, the 15-year FRM averaged 3.13 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.60 percent, with an average 0.5 point, also down from 2.62 percent last week, and down from the average 2.78 percent a year ago.

Finally, for the week ending April 18, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.4 point. It was the only rate to rise. It was up from 2.62 percent last week, and down from 2.81 percent a year ago.



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Rates remain low, with mixed movement

by Broderick Perkins
DeadlineNews.Com

(4/16/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate was unchanged from last week at 3.66 the week ending April 16, according to the Erate Interest Rate Update.

The 30-year rate ranged from 3.31 percent to 5.38 percent for the week. A year ago, the rate was 4.09 percent.

The average rate for the 15-year fixed rate mortgage (FRM) ticked down to 2.86 percent, from 2.87 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.27 percent, respectively. A year ago, the rate averaged 3.32 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan also fell, to 3.85 percent, the week ending April 16, down from 3.91 percent. The rate was 4.51 percent a year ago. The spread ranged from 3.31 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM ticked up again to 2.90 percent, from 2.89 percent last week. The lowest 5/1 ARM rate this week was 2.44 percent and the high, 4.10 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the fourth week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans slipped for the second week, falling to 6.06 percent, down from 6.12 percent last week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.38 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Continued lackluster job market pushes mortgage rates lower

by Corbin Perkins
DeadlineNews.Com

(4/11/2013) – With the economy producing fewer jobs than it's losing and more workers leaving the workforce, mortgage rates have no where to go but down.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.43 percent, with an average 0.8 point, the week ending April 11, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.54 percent. It was 3.88 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.65 percent, with an average 0.7 point, for the week ending April 11, down from last week when it averaged 2.74 percent. A year ago, the 15-year FRM averaged 3.11 percent.

"Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012," said Frank Nothaft, vice president and chief economist of Freddie Mac.

"In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid," he added

What's more, while the national unemployment rate has fallen from 8.2 percent to 7.6 percent over the past year, the averagerate for the 372 metropolitan areas tracked by the U.S. Bureau of Labor Statistics remains at 8.1 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.62 percent, with an average 0.5 point, down from 2.65 percent last week and down from the average 2.85 percent a year ago.

Finally, for the week ending April 11, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down a notch from 2.63 percent last week, and down from 2.80 percent a year ago.



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Benchmark 30-year mortgage rate edges nearer 3.5%

by Broderick Perkins
DeadlineNews.Com

(4/9/2013) – After falling for the fourth consecutive week, the average on the major benchmark 30-year, conforming mortgage interest rate fell to 3.66 percent, down from 3.78 percent, the week ending April 9, according to the Erate Interest Rate Update.

The 0.12 percentage point difference was the fourth consecutive weekly drop and one of the largest slips this year. the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.13 percent.

The average rate for the 15-year fixed rate mortgage (FRM), down nearly as much, dropped to 2.87 percent, from 2.97 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.32 percent, respectively. A year ago, the rate averaged 3.36 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan fell to 3.91 percent, the week ending April 9, down from 4.03 percent. The rate was 4.57 percent a year ago. The spread ranged from 3.3 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM ticked down to 2.89 percent, from 2.90 percent last week. The lowest 5/1 ARM rate this week was 2.45 percent and the high, 4.10 percent. The rate was 3.16 percent a year ago.

Home equity rate movement varied

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the third week in a row. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans continued to inch down, falling to 6.11 percent, down from 6.13 percent last week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.38 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Anemic economy puts downward pressure on benchmark mortgage rates

by Corbin Perkins
DeadlineNews.Com

(4/4/2013) – The anemic economy is still causing hundreds of thousands of workers to lose jobs every week and that's contributing to the downward pressure on mortgage interest rates.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.54 percent, with an average 0.8 point, the week ending April 4, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.57 percent. It was 3.98 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.74 percent, with an average 0.7 point, for the week ending April 4, down from last week when it averaged 2.76 percent. A year ago, the 15-year FRM averaged 3.21 percent.

Economic analysts expected the number of initial claims for unemployment benefits to drop to 345,000, but the U.S. Labor Department reported 385,000 people filed for those initial jobless benefits this week.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.65 percent, with an average 0.5 point, down from 2.68 percent last week, and down from the average 2.986 percent a year ago.

Finally, for the week ending April 4, Freddie Mac reported the only rate to rise was the 1-year Treasury-indexed ARM. It averaged 2.63 percent, with an average 0.4 point, up from 2.62 percent last week, and down from 2.78 percent a year ago.



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Most benchmark mortgage interest rates inch down for third week

by

Broderick Perkins
DeadlineNews.Com

(4/2/2013) – Consumer confidence continued to worry down mortgage rates as many rates fell for the third consecutive week, according to the Erate Interest Rate Update for the week ending April 2.

The average 30-year, conforming mortgage interest rate fell to 3.78 percent, down from 3.80 percent, the week ending April 2.

Erate reported the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.19 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.97 percent, off a notch from 2.98 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.52 percent, respectively and both down from a week ago. A year ago, the rate averaged 3.45 percent.

Interest rate movement is following consumers' doubts about the economy.

The Conference Board's Consumer Confidence index fell to 59.7 in March from 68 in February.

The 59.7 reading is well off the 92.86 average from 1967 until 2013 and far below the all time high of 144.70 in January of 2000. It's also almost half the numerous above 100 readings spanning much of the period from 2006 to 2007, at the peak of the last housing boom.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan remained unchanged at 4.03 percent, for the week ending April 2. The rate was 4.74 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end, unchanged from last week.

The average interest rate for the 5/1 ARM came down to 2.90 percent, from 2.91 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.10 percent. The rate was 3.18 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the second week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans moved for the first time in four weeks, rising to 6.13 percent, up from 6.12 percent for the past four week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Mortgage interest rates on a roller coaster ride

by Broderick Perkins
DeadlineNews.Com

(3/28/2013) – Mortgage interest rates remain in record low territory, but they are taking the market on a roller-coaster ride, down one week, up the next.

This week they took a ride up, but generally remain flat.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.57 percent, with an average 0.8 point, the week ending March 28, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.54 percent. It was 3.99 percent a year ago.

Despite this year's ups and downs, the rate has remained below 4 percent for more a year, boosting the housing recovery.

Meanwhile, the average interest rate on the 15-year FRM was 2.76 percent, with an average 0.7 point, for the week ending March 28, up from last week when it averaged 2.72 percent. A year ago, the 15-year FRM averaged 3.23 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.68 percent, with an average 0.6 point, up from 2.61 percent last week, and down from the average 2.90 percent a year ago.

Finally, for the week ending March 28, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down from 2.63 percent last week, and down from 2.78 percent a year ago.



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Most benchmark mortgage interest rates inch down for second week

by Broderick Perkins
DeadlineNews.Com

(3/26/2013) – Consumer confidence worried mortgage rates down this week as many rates fell for the second consecutive week, according to the Erate Interest Rate Update for the week ending March 26.

The average 30-year, conforming mortgage interest rate fell to 3.80 percent, down from 3.81 percent, the week ending March 26.

Erate reported the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.22 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.98 percent, was also down, from 2.95 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.20 percent and 2.54 percent, respectively. A year ago, the rate averaged 3.44 percent.

Interest rate movement is following consumers' doubts about the economy.

The Conference Board's Consumer Confidence index fell to 59.7 in March from 68 in February.

The 59.7 reading is well off the 92.86 average from 1967 until 2013 and far below the all time high of 144.70 in January of 2000. It's also almost half the numerous above 100 readings spanning much of the period from 2006 to 2007, at the peak of the last housing boom.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked down to 4.03 percent, for the week ending March 26, from 4.04 percent, a week earlier. The rate was 4.73 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM inched up to 2.91 percent, from 2.90 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.19 percent a year ago.

Home equity rates unchanged

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent this week. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was unchanged for the third consecutive week at 6.12 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.



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Freddie Mac: Spring economy brings lower mortgage rates

by Corbin Perkins
DeadlineNews.Com

(3/21/2013) - Freddie Mac's March Outlook calls for 30-year fixed mortgage rates to remain below 4 percent all year and interest rates cooperated this week, dipping near the 3.5 percent mark.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.54 percent, with an average 0.8 point, the week ending March 21, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.63 percent. It was 4.08 percent a year ago.

"Low and stable inflation is placing downward pressure on fixed mortgage rates. Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index, even lower," said Frank Nothaft, vice president and chief economist at Freddie Mac.

"This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013," Nothaft added.

Meanwhile, the average interest rate on the 15-year FRM was 2.72 percent, with an average 0.7 point, for the week ending March 21, down from last week when it averaged 2.79. A year ago, the 15-year FRM averaged 3.30 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.61 percent, with an average 0.6 point, unchanged from last week, and down from the average 2.96 percent a year ago.

Finally, for the week ending March 21, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.4 point, down from 2.64 percent last week, and down from 2.84 percent a year ago.

Benchmark mortgage interest rates seesaw back down

by Broderick Perkins
DeadlineNews.Com

(3/19/2013) – Mortgage rates continued their up-one-week-down-the-next trend, unable, like consumers, to get a fix on the economy, according to the Erate Interest Rate Update for the week ending March 19.

The average 30-year, conforming mortgage interest rate fell to 3.81 percent, down from 3.88 percent, the week ending March 19.

Erate reported the 30-year rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.23 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.95 percent, also fell, from 3.02 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.20 percent and 2.34 percent, respectively. A year ago, the rate averaged 3.47 percent.

Interest rate see-sawing mirrors consumers' doubts about the economy.

In a CNN/ORC poll of consumers, 55 percent of those surveyed said it would be a bad idea, while 43 percent thought it would be a good idea to invest in stocks if they had $1,000 to spend.

The poll was conducted immediately after eight consecutive days of record high closes for the Dow Industrial average.

Despite the housing recovery, improved employment and wages, the poll also found that only 31 percent of consumer thought the economy was either good or very good, while 69 percent said the economy was either poor or very poor.

It's not surprising mortgage interest rates don't know which way is up – or down.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan came down to 4.04 percent, for the week ending March 19, from 4.10 percent, a week earlier. The rate was 4.73 percent a year ago. The spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

Also, the average interest rate for the 5/1 ARM came in at 2.90 percent, down from 2.93 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.22 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) dropped a notch from 4.61 percent last week to 4.60 percent this week. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans remained flat at 6.12 percent for the second consecutive week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Strengthening economy pushes up most mortgage rates

(3/14/2013) – More jobs and an increase in retail sales both helped offset the economic impact of the end of the payroll tax holiday and helped boost rates higher.

The average rate on the 30-year fixed-rate mortgage (FRM) was up to 3.63 percent, with an average 0.8 point, the week ending March 14, compared to last week's 3.52 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last year at this time, the rate averaged 3.92 percent.

The average interest rate on the 15-year FRM was also up, to 2.79 percent, with an average 0.8 point, compared to 2.76 last week. A year ago, the 15-year FRM averaged 3.16 percent.

"Fixed mortgage rates rose this week on stronger signs of jobs growth and consumer spending. The economy added 236,000 new workers in February which helped push down the unemployment rate to 7.7 percent," said Frank Nothaft, vice president and chief economist at Freddie Mac.

"This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales, which was well above the market consensus forecast," Nothaft added.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.61 percent, with an average 0.6 point, down from 2.63 last week, and down from the average 2.83 percent a year ago.

Finally, for the week ending March 14, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.64 percent, with an average 0.3 point, up from 2.63 percent last week, and down from 2.79 percent a year ago.

Benchmark mortgage interest rates rise, home equity rates flat

(3/12/2013) – Economic growth, especially in the employment sector, sent all four benchmark mortgage rates up the week ending March 12, according to the Erate Interest Rate Update.

The average 30-year mortgage interest rate rose to 3.88 percent, up from 3.72 percent last week.

Erate reported the 30-year conforming rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.13 percent.

Meanwhile, the average rate for the 15-year fixed rate mortgage (FRM) also rose to 3.02 percent, up from 2.94 percent last week, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were also both up to 5.08 percent and 2.55 percent, respectively. A year ago, the rate averaged 3.38 percent.

Rates rose on good economic news

Rates were buoyed by the U.S. economy adding 236,000 jobs in February, according, much stronger than in January's addition of 119,000 workers, according to the U.S. Labor Department.

The gains, pushing the unemployment rate down to 7.7 percent, were broad-based with offices, restaurants and hospitals adding jobs, but construction gave the economy a big boost.

The housing construction industry added 48,000 new jobs in February and 151,000 jobs over the last five months. That's the industry's best hiring boost since the 2006 housing bubble.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan moved up to 4.10 percent, for the week ending March 12, from 4.02 percent, a week earlier. The rate was 4.64 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end.

Also finally moving up was the average interest rate for the 5/1 ARM. It came in at 2.93 percent, the week ending March 12, up from 2.91 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.17 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.61 percent. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was also flat at 6.12 percent, the week ending March 12. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.42 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mortgage rates unexpectedly mixed this week

(3/7/2013) – While the Erate Update for March 5 saw the mixed economy pushing all benchmark rates down, Freddie Mac revealed a mixed bag of interest rates.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.52 percent, with an average 0.7 point, the week ending March 7, according to Freddie Mac's weekly Primary Mortgage Market Survey.

That was up from last week's 3.51 percent average. A year ago, the rate averaged 3.88 percent.

The average interest rate on the 15-year FRM was 2.76 percent, with an average 0.7 point, unchanged from last week. A year ago, the 15-year FRM averaged 3.13 percent.

On the other hand, for the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.63 percent, with an average 0.5 point, up from 2.61 percent last week, and down from the average 2.81 percent a year ago.

Finally, for the week ending March 7, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.3 point, down from 2.64 percent last week, and down from 2.73 percent a year ago.

Benchmark mortgage interest rates trend down

(3/5/2013) – Widely mixed economic indicators left mortgage interest rates with nowhere to go but down.

All four benchmark mortgage rates dropped, the week ending March 5, including the 15-year fixed rate mortgage (FRM) and the 5/1 adjustable rate mortgage (ARM).

Both had been stubbornly stuck since early February, according to the Erate Interest Rate Update.

The average 30-year mortgage interest rate dropped to 3.72 percent, down from last week's 3.76 percent average.

Erate said the 30-year conforming rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.14 percent.

Meanwhile, the average rate for the 15-year fixed rate mortgage (FRM) finally dropped to 2.94 percent, after being stuck at 2.98 percent for the past month, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 4.61 percent and 2.52 percent, respectively. A year ago, the rate averaged 3.39 percent, according to Erate.

Rates fell on widely mixed economic indicators.

On the upside, existing and new homes sales rose in January, building permits hit their highest level in four years and the bull ran the stock market as the Dow Jones average reached its highest level since 2007.

On the downside, Fiscal Cliff II arrived with government spending cuts, the payroll tax got a hike and gas prices, now due to fall, rose 10 percent in February.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan moved down to 4.02 percent, for the week ending March 5, from 4.08 percent, a week earlier. The rate was 4.64 percent a year ago. The spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

Also finally moving down was the average interest rate for the 5/1 ARM. It came in at 2.94 percent, the week ending March 5 after sticking at 2.98 percent for four weeks. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.17 percent a year ago.

Home equity rates rise

On the other hand, both home equity rates were on the rise.

The average variable rate on home equity lines of credit (HELOC), at 4.61 percent was up from an average 4.60 percent last week. The rate averaged 4.68 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was up to 6.12 percent, compared to 6.10 percent a week ago. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.43 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

 

 


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