Present Market Conditions
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Fixed mortgage rates edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan. Similarly, October's homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing."
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Fixed mortgage rates edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan. Similarly, October's homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing."
Expectations
Now that the government shutdown is over, the normally scheduled economic reports will resume this week. On Tuesday, the important September Employment report, originally scheduled for October 4, will be released. Retail Sales, CPI, and other postponed reports will be released in the coming weeks. Existing Home Sales will be released on Monday, Jobless Claims on Thursday, and Consumer Sentiment on Friday. The New Home Sales report scheduled for Thursday, may be delayed.
Guidance
Rates are still at low levels. Now is the best time to meet with your mortgage professional to discuss a mortgage solution to meet your financial goals.
Average Rates
FHA/VA 3.875%, Conventional 4.25%, Jumbo 5%, FHA Plus 4.125%, 203K 4.25, VHDA FNMA 97 no/MI 4.75, no points, exclusions apply.
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