Mortgage markets worsened last week as investors responded to a recovering global economy. Despite briefly touching their lowest levels since May, mortgage rates ended the week dramatically higher. It’s the second straight week that rates soared on a Friday. For several months, Wall Street has been in limbo; undecided whether the economy istruly showing signs… Continue Reading
Tag Archives: Mortgage Rates
Pending Homes Sales Gain For The 7th Straight Month
Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August. It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years. It’s also another signal that the housing market is in recovery. “Pending home sales” are… Continue Reading
Ben Bernanke Leaves Clues About The Future Of Mortgage Rates
On the 1-year anniversary of the Lehman Brothers collapse, Fed Chairman Ben Bernanke said Tuesday that the “recession is very likely over at this point”. His comments were supported by a Retail Sales report for August that was much better-than-expected. Equities improved on the day, mortgage markets worsened, and home affordability suffered. The days of ultra-low… Continue Reading
What’s Ahead For Mortgage Rates This Week : August 24, 2009
Mortgage markets finished the week unchanged last week but don’t let that make you think the markets were flat. It was a bumpy five days and rates were volatile. Friday was the worst day of the week by far. An all-day deterioration, sparked by better-than-expected housing data, caused mortgage rates to tack on a quarter-percent by the noon… Continue Reading
Mortgage Rates In Arizona Tack On One-Half-Percent For The Second Time In A Week
Mortgage rates soared again Monday, tacking on a half-percent in a day for the second time in under a week. Each half-percent adds $62 to a $200,000 home loan’s monthly payment, or $744 per year. For home buyers recently under contract, it’s a gut-wrenching time to be shopping for a home loan. Morning mortgage rates… Continue Reading
Mortgage Rates In Arizona Rose By More Than 1/2 Percent Wednesday
Conforming mortgage rates rose by 0.625 percent Wednesday. Yes, you read it right. Zero-point-six-two-five percent. The surprise surge in pricing started shortly after 1:00 P.M. ET, then continued all the way until the market’s closing. It was the sharpest one-day surge in mortgage rates in recent history. Perhaps ever. For mortgage rate shoppers swept up in… Continue Reading
Over 24 Hours, Mortgage Rates Shoot Higher
Rates go up, rates go down. Catch them while you can. After Wednesday’s mortgage market rally drove rates down by a bunch, Thursday’s sell-off pushed them right back up. This has been a common pattern in the skittish world of mortgage rates this year. With the U.S. economy still teetering between recession and growth, markets… Continue Reading
With Mortgage Rates, You Can’t Shop For Good Luck
After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for home buyers that went under contract over the weekend. Same for homeowners looking to pull the refinance trigger. Versus mortgage rates on Friday afternoon, many lenders were already showing lower rates Monday morning before… Continue Reading
How Swine Flu Helps Mortgage Rates
Monday, mortgage markets improved with news of new Swine Flu cases. It’s a classic example of Safe Haven buying and today’s rate shoppers will see the benefits. Mortgage rates improved about 0.125 percent Monday. It’s not an official term, but “Safe Haven buying” describes the trading patterns in which large numbers of investors move money… Continue Reading