Mortgage Market Update
Thanks to the lack of announcements, from the Fed and others who control mortgage market rates, there was little action during the week ending August 10. Mortgage rates are currently at historic lows and do not show any signs of changing dramatically. Mortgage rates changed a minor four-tenths of a basis point and are expect to be stable next week.
At these rates, homeowner’s are being encouraged to refinance while more borrowers are considering buying for the first time. Over the past few months, home values are showing a slight rebound which may stifle the new buyer’s market.
Slower global growth is considered largely responsible for the current low mortgage rates. The United States is currently experiencing modest, but steady declines in new unemployment claims, offering a glimmer of hope that the economy may be experiencing a steady rebound.
Investors will be watching this weeks financial news including retail reports on Tuesday, consumer price index on Wednesday and jobless claims on Thursday. Once these numbers have been released, there may be additional movement in the mortgage market.
This blog is for informational purposes only. The information provided is an opinion of the current mortgage market. No one should use our opinion solely when making a mortgage rate decision. Consult your lender or attorney.