WASHINGTON, Sept 25 (Reuters) – Sales of new U.S. single-family homes rebounded more than expected in August, the latest sign that the struggling housing market was starting to get a lift from lower.
It’s a good time to be a mortgage broker and to have your finger on the pulse of the local real estate market. “We are really.
Sales in August were at the lowest level in four years. With lower mortgage rates, homes now are technically more affordable.
Mortgage rates fell nicely this week with modest to moderate gains throughout. As I noted yesterday, this runs counter to the week’s average mortgage rate headline, which claims flat to slightly.
Interest Rates Through The Years The Depression kept interest rates low in the 1930s and during the war years of the 1940s, interest rates were pegged. It was only after the Treasury-Federal Reserve Accord of 1951 that the federal funds market emerged as the main market for U.S. banks to lend and borrow money from each other.
Mortgage rates rose seven basis points compared with the prior week, but remained below 3.6% over four consecutive weeks for the first time since the fourth quarter of 2016, according to Freddie Mac.
Mortgage rates are much lower today compared to last Thursday, or any other day last week. Despite that fact, major news outlets–even those dedicated to the mortgage and real estate markets–are.
Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the stratmor group web site. The current blog is, "How Productive is Your Origination Team?"
Treasury yields moved slightly higher overnight, extending Friday afternoon’s weakness in fairly linear fashion. The weakness ended when European markets came online.
Where To Find Best Mortgage Rates · Compare rates and loan packages and even get the lenders competing with each other to give you the best deal. Use these tips to find the best lenders: Trust your gut. If you don’t like who you’re talking you, you probably won’t like their loan. Talk to a handful of lenders to see what unique packages they offer.
Bankrate’s rate table compares today’s home mortgage & refinance rates. Compare lender APR’s and find ARM or fixed rate mortgages & more.
Current forecasts call for the unemployment rate to hold at 3.7%, an increase in payrolls of approximately 150,000 and a 0.3% increase in average earnings. Weaker than expected readings should further rally bonds and cause another improvement to mortgage rates, especially if the stock markets react poorly to the news.
See today’s mortgage rates from lenders in your area. Get the best mortgage rates by comparing mortgage rates for 30 year fixed, 15 year fixed & 5/1 ARM mortgages.
US Mortgage Rates: Long-Term Rates Hike This Week. Graham, chief operating officer of mortgage news daily, told CNBC last week.