Monday, June 23, 2014 - Article by: Linda Miller - Supreme Lending -
Friday rates marked a significant milestone by being the first time in a year where rates were technically lower than the same day in 2013. You might remember that it was this time last year all the talk was about "tapering" and the Fed suggested that tapering was coming soon - rates went crazy - UP. The ten year Treasury Note jumped from 2.47 to over 3.00 and we were in the midst of what we called "the worst 2-day move in 4 years." Thankfully the markets were able to step back from the brink of insanity.There is a busy week ahead that could impact rates. Lots of Housing Data, Treasury Auctions and the GDP. Today's Existing Home Sales showed healthy signals hitting 4.9 million in May vs expectations of 4.73 million units. That stronger than expected report was slightly negative for rates. One of the biggest stories of the past three months has bee the big miss in first quarter GDP. Wednesday brings the 3rd and final reading on Q1 and will be closely watched. Best available rates (740+ credit score and 20% down) on Friday ranged from 4.25% to 4.375% for conventional. I locked a conventional loan Friday for a client with excellent credit with 5% down and seller paid closing costs at 4.375%. FHA rates are right at 3.875%.I post rates daily on my website - www.utahmortgageadvisors.com
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