“I realize that this week, rates aren’t as low as they have been, but keep in mind that the 3-4% range of the 30-year fixed will be a thing of the past in 24 month,” said Grote. “We will miss them, and the people that took advantage will be the winners.” Read more
Mortgage rates continue to tick up in the middle of the week, although they are still at historically low levels. Keep reading for the full 10-program CCL Rate Tracker, including graphs of the most recent two-week movement. Read more
As the economy goes, so mortgage rates move. When uncertainty effects the market, investors are more likely to put their money in a “safe” location, and the U.S. Treasury bond market has been that “haven.” High demand for U.S. government bonds correlates to downward pressure on mortgage rates (see here to learn the specifics). Read more
The Dow Jones Industrial Average and the S&P 500 have closed at record highs, as the major stock indexes posted their third-straight week of gains. The news helps bring to a close another week that had a number of positive headlines.
Weekly unemployment claims hit a recovery low for the second straight week, bringing the four-week average and continuing claims down to recovery-best levels as well.
The U.S. government posted its biggest monthly surplus in five years during April, thanks in part to tax season, but also because it raised new revenue after tax break expirations.
Mortgage delinquencies – that is, mortgage holders at least 2 months behind on payments – have dropped 21% year-over-year in 2013′s first quarter. The delinquency rate of 4.56% is an improvement, but still below the historical average that hovers between 1% and 2%.
On a local level, the San Luis Obispo County economic recovery has progressed at the best pace in the state over the past several years. From its trough in 2009, through December of 2012, County job growth has advanced at 10.0%, which has made up all of the jobs lost during the downturn.
Mortgage rates jumped again. Investors continue to leave the bond market for greener pastures and higher-yielding stocks (click here to see the relationship between rates, the bond market, and the economy).
With the economy showing more improvement, investors are reminded that the bond market and mortgage rates are being helped along by the Federal Reserve’s bond-buying program, which has a general terminus point at “when unemployment reaches 6.5% and the economy shows improvement.” This could encourage a lukewarm attitude towards the bond market.
The Dow Jones Industrial Average finished above 15,000 for the first time ever on Tuesday (May 8). Today, the Dow and the S&P 500 have already set new highs, and at 1:27 p.m. (EST), they had hit 15,076.75, and 1630.85 respectively. Read more
Mortgage rates spiked on Friday, May 3 after a positive jobs report sent stock indexes to record high levels. The movement came as a sharp reversal to the almost uniform downward shift in mortgage rates throughout the past month. Read more
The April employment report came in better than expected, as payrolls added 164,000 jobs to drop the unemployed rate to 7.5%. Though the situation is more nuanced than uncritical positivity, stocks shot up in response as the Dow broke 15,000 and the S&P 500 topped 1,600.
Mortgage rates spiked in response to the activity, although they are still at historically low levels (if you like savings). For more:
We realize that the headline doesn’t make sense, but we are running out of ways to say that “mortgage rates continue to drop.” The most recent 1/4 price improvement brings rates to the lowest level of 2013. With economic news relatively consistent and stock indexes continuing their upward climb, there haven’t been any large fluctuations lately. This has left rates free to drop.
In other news, the rate of U.S. homeownership fell to 65% in the first quarter, which the is lowest rate since 1995 according to the Census Bureau. Demand for home rentals pushed rental vacancy down from 8.8% to 8.6%. Home prices continue to increase across every index we track. The 20-city S&P/Case-Shiller index had home prices up 9.3% in February.
Jobless claims hit the recovery low of 324,000 during the week ending April 27. The drop in claims came as a surprise – expectations were for 19,000 higher.
Mortgage Rate Update: Stock Indexes at Record Levels as Rates Continue April Decline (April 29, 2013)
Mortgage rates have continued along their downward April trend on a day when major stock indexes neared record levels. The S&P 500 eclipsed its best close earlier in the day, as the Nasdaq touched a 12-year high. The market moved on better-than-expected volume of contract signings for home purchases, increased consumer spending, and clarity in the Italian political situation.
We have changed our Mortgage Rate Tracker schedule. We will now be publishing rates every Monday, Wednesday, and Friday, an upgrade from our previous twice per week schedule (Monday and Thursday).
Most mortgage rates for the loan programs featured on the CCL Rate Tracker dropped on Friday, April 26. The 30-year fixed, 30-year high balance, FHA, USDA, and VA loan programs all showed 1/8 to 1/4 point improvements. Changes came amidst a choppy day of trading after the GDP report for the first quarter of 2013 came back positive, but still not as good as expected.