Mortgage rates this week could face some volatility at the end of the week as the data leading up until then is relatively light. The two reports that we are watching are Durable Goods reports, and the Advance GDP. These are both strong indicators of economic direction. Being that Monday is the official "end of month" (and also is Halloween) we can anticipate that market participants will likely be wrapping things up at the end of this week. Looking at the big picture, though, the Brexit situation brought the market to historical levels in July. Since then, we have been on a slow and steady climb. Speculation around Draghi and potential ECB policy change has caused a stir that seems to want to drive rates up. Because the official announcements about ECB financial policy have been nebulous, the shift is a slow and unsteady one, leaving room for market rallies here and there. At this point, the benchmark to push through is 1.73% for the 10 year treasuries. Check back here later in the week for more mortgage market news and updated mortgage rates.
Bookmark this page for mortgage rates:
• 30 year (FRM) rates at 3.55% (+0.01%).
• 15 year (FRM) rates at 2.86% (+0.01%).
• FHA 30 year Fixed rates at 3.35% (+0.00%).
• Jumbo 30 year Fixed rates at 3.71% (+0.01%).
• 5/1 ARM rates at 2.9+% (+0.01%)
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