For mortgage rate shoppers in Sacramento and California, markets have touched new all-time lows, but are not sticking. This is due to traders taking advantage of buying on dips and selling on rallies.
It can also be argued, that banks are squeezing their pipelines by keeping rates higher, as they actively manage this mini refinance boom we are experiencing – for those homeowners who are underwater and want to take advantage of the much-needed HARP prograrm. Continue reading
Mortgage markets worsened slightly last week as demand for mortgage-backed bonds slacked. There was little surprise in U.S. economic data and the unfolding story lines of the Eurozone continued unabated.
As of this Wednesday morning, Europe’s stock markets are getting hit hard on increasing lack of confidence in the region. Money continues to flow to safety, into US treasuries and German bunds. Also, China said today it won’t inject stimulus at the pace it did in 2008 and its economic growth is expected to decline 8%, also helping to drive our rates lower. Continue reading
Mortgage rates improved last week on lingering concerns for the European Union, plus weaker-than-expected economic data here at home. Global investors were net buyers of mortgage-backed securities last week, pushing mortgage rates lower nationwide.
According to Freddie Mac’s mortgage rate survey, conforming 30-year fixed rate mortgage rates slipped to 3.79%, on average, last week for borrowers willing to pay 0.7 discount points and a full set of closing costs.
This is the lowest on-record. Continue reading