Mortgage rates were higher again today, extending yesterday’s movement following the FOMC Minutes.
This morning’s Jobless Claims report showed a slightly higher number of initial unemployment filings, but rather than help push back against yesterday’s weakness, this did more to help rates level-off. Had the data been stronger than expected, the damage would have been worse.
Conventional 30yr Fixed quotes are most prevalent at 4.75% (no points) with 4.875% being the next closest level for ideal scenarios.
The world of interest rates is in a precarious position right now. Uncertainty and speculation are high. Staffing levels are low. News and events between now and Labor Day will move markets and cause ups and downs for rates, yet the news and events arriving after that are incontrovertibly more important.
Read full story here:
http://www.mortgagenewsdaily.com/consumer_rates/321821.aspx
(It’s a good time to sell!)
As soon as the market starts to tank, I think the fed will immediately step-up QE#
As much as they say they are not there to manipulate the market, they have a big stake (as do the local gov’s) in seeing the housing market recover.
Anyway IMHO.
Agreed, and look how they freaked out when rates spiked at the thought of tapering.
They should taper and not tell anyone.
its quite interesting our economy hinges on the prospects of printing more money or not to. It sure is not a positive sign overall.
Thankfully the economy is getting a big boost from innovation (HT daytrip):
http://www.liveleak.com/view?i=8d2_1377243871