Mortgage Rate Update & The Week Ahead

Sep 30, 2013

 

Mortgage rates ended last week lower for the second week in a row.  On September 26th Freddie Mac reported the average rate for a 30 year fixed rate mortgage was 4.32% with points of 0.7 and 15 year fixed rate mortgages with an average rate of 3.37% also with points of 0.7.  The recent drop in home loan rates has sparked refinance activity including HARP, VA IRRLs and FHA Streamline refinances.  Uncertainty this week may lead to an unpredictable week for rates.

 

 pmms_chart09262013

 Highlights from the Freddie Mac survey include:

  • FHA mortgage rates are at a 12-week low
  • VA mortgage rates are a 12-week low
  • Conventional mortgage rates are at a 10-week low

The decision to lock becomes more difficult this week as a likely partial government shutdown will likely play havoc with the financial markets.  Furthermore Ben Bernanke speaks on Wednesday and the unemployment rate will be released on Friday.

econ09302013

Improved mortgage rates mean it is a good time to buy a home.  These rates have also made refinancing attractive for those who did not refinance in the spring.

Paul Cantor

(804) 719-1515

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