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 6.55%
5/1 ARM 6.26%
Commentary
Mortgage interest rates bounced around last week, amidst conflicting and difficult to interpret economic data, ending up about where they started.
Economic reports released last week, showed stronger than forecast growth and inflation within the Fed's comfort zone, a combination that typically would not necessitate a Fed rate cut. The Fed did however cut short term rates by ¼%, but indicated that no additional cuts would be seen in the near future.
Consumer Confidence continues to wane but employment remains stronger than forecast, contributing more to the confusing nature of the financial markets. And lets not forget about $95/barrel crude oil, and those credit and housing market woes that may not have made the headlines this week, but remain issues.
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 day. Anne
ANNE GREENE
Mortgage Advisor
(973) 694-4204 OFFICE
(973) 865-6401 CELL
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