Mortgage Rate Updates*
Current national average market rates with 0 points:
(interest rates based on nation's leading survey of mortgage pricing, these are not Coldwell Banker interest
rates)
30-year fixed 6.78%
5/1 ARM 6.49%
Commentary
Fixed mortgage interest rates have begun to stabilize as we saw a marginal decline in rates last week.
A decline in mortgage rates was an unexpected surprise in the wake of a stronger than forecast employment report this past Friday. A sign of a stronger economy, this news all but eliminated hopes of additional Fed rate cuts at upcoming meetings, which caused a sell-off in the Treasury markets and an increase in yields. Mortgage backed securities did not follow this trend.
Consumer spending continues as sales of new cars and trucks remain healthy, borrowing continues to expand and consumer "comfort" holds firm.
Although mortgage interest rates have stabilized, we may see some upward pressure as we move through this week.
As always, stay tuned.
* Mortgage rate information was obtained from HSH Associates Financial Publishers, the nation's largest unbiased publisher of consumer loan information.
Have a great week.....
Anne Greene
Mortgage Services
Senior Mortgage Advisor
President's Club Member
Office 973-694-4204
Cell 973-865-6401
Fax 973-633-3819
Anne.Greene@mortgagefamily.com
http://annegreene.coldwellbankerhomeloans.com/
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