Mortgage rates moved higher today after the Federal Reserve announced the first reduction in its purchases of Treasuries and MBS. But there is good news, or at least a silver lining. The negative effects on today's rate sheets are far less severe than they might have been. Part of the reason may have to do with how the Fed delivered the message. While they are tapering asset purchases, they also noted that the Fed Funds rate would remain low well past the time that unemployment hit 6.5% (their initial threshold for considering raising short term rates)
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Mortgage rates were down yesterday and continue the trend today. Based on information from Mortgage News Daily today's 30-Year Rate is at 4.27% - Down from yesterdays 4.29%.
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Mortgage rates fell to new 3-Month lows today. That makes this the 11th straight day where rates have held steady or moved lower. Conforming, 30-yr fixed rates remained at 4.375% for most lenders with the improvements coming in the form of lower closing costs or higher lender credit. Some lenders are efficiently priced at 4.25% as well.
Monthly sales figures from the California Association of Realtors® (C.A.R.) confirm indications from DataQuick data posted earlier today that the real estate market in American's most populous state have slowed.
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Mortgage rates improved again today, bringing them to their best levels of month, just on par with rate sheets from late August. Conforming, 30yr Fixed rates held at 4.625% in some cases with the improvement being more readily seen in the form of lower closing costs. In others, the the most efficient combination of upfront cost and monthly payment fell to 4.5%.
Mortgage rates had an uneventful day, moving sideways on average. Some lenders were almost perfectly unchanged, while others were slightly higher or lower than yesterday's latest levels. READ THE FULL POST
National Housing Affordability Hits 5 Year LowAug 13, 2013 12:55 PM
Yesterday the California Association of Realtors® (C.A.R.) reported that home affordability in the state was falling rapidly. Today the National Association of Home Builders (NAHB) and Wells Fargo reported a similar, if less acute situation on a national level.
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Home prices are moving higher at the fastest pace in 36-years. Based on information from Core-Logic there were no states where prices were down. California, Nevada, Arizona, Utah and Florida show the largest gains.
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