Mortgage Rates Unchanged to Start Important Week
Rates didn’t move much to start the week, with a nearly equal number of lenders moving both higher and lower. On average, rates were just barely higher. Even then, the actual rates being quoted are the the same today versus Friday with the only differences seen in the form of closing costs. The most prevalently quoted conforming 30yr fixed rate remains at 4.25% for flawless scenarios with 4.125% available to a lesser extent.
As the week progresses, so should the movement in the world of interest rates. Mortgages and Treasury yields alike have been bumping around at the lower end of their ranges in 2014. There’s a decent chance that this week’s events will either help break those ranges, or prompt a bounce back toward higher levels. Bottom line, rates have been low and sideways, but they should look more like they’re choosing a direction by the end of the week.
The first major chance for this increased volatility is on Wednesday. There will be several pieces of key economic data as well as a Fed Announcement in the afternoon. As is always the case when we’re expecting more volatility, the risks and rewards of floating are increased. That said, rates haven’t shown much willingness to move below levels seen in late May. Until/unless they do, and with rates near long-term lows, it’s safer to plan on that range continuing.
Posted on July 28, 2014, in Uncategorized and tagged Low Rates, Mortgage, mortgage expert, Mortgage Rates, mortgage rates on staten Island, Mortgages, my rate. Bookmark the permalink. Leave a comment.