Mortgage Rates:
Mortgage rates enjoyed a pleasantly flat week despite some volatility in the underlying bond market. The day-to-day changes in Treasuries and Mortgage-Backed-Securities (MBS) were noticeable, but they all took place inside the range of values seen last Wednesday on Fed day. In other words, the bond market (which dictates rates) digested the Fed’s message and is now waiting for the next shoe to drop. When it does, we’re highly likely to see the current range give way to the next bout of strong momentum.
The shoe in question is next week’s economic data. After all, the Fed’s message last week was that it was prepared to cut rates if the economic data justified it.
In general, stronger than expected economic data would make a case for a bounce toward higher rates. Disappointing data would have the opposite effect. There’s no telling exactly how far either move could run. It would depend, to some extent, on just how far the data is from expectations. Either way, be prepared for a bigger move.
Today’s Most Prevalent Rates:
· Conventional 30 year fixed rates currently priced at 3.875%.
· Conventional 15 year fixed rates currently priced at 3.375%.
· FHA & VA 30 year fixed rates currently priced at 3.625%.
· Jumbo 30 year fixed rates currently priced at 4.00%.
· MFA First Home Conv rates currently priced at 4.25%.
· MFA Next Home Conv rates currently priced at 5.375%.
Waylon Gentry
Branch Sales Manager I NMLS 492542
Bank of Albuquerque Mortgage
3900 Vassar DR NE I Albuquerque, NM 87107
505-828-3705 I Phone
505-417-8619 I Cell
505-855-7389 I Fax
wgentry@bokf.com I E-Mail
For more information on how to buy your next home with the best rates, Contact Linda right away!
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