Can you believe the delayed, skewed jobs report? The business survey shows 204,000 new jobs…
Well, it’s the start of a new week that may result in some volatility in markets with the 2 day Fed’s meeting already in progress. Right now, expectations are that the Fed’s will put off any QE3 tapering until at least March of 2014. If that happens, mortgage rates will stay low giving consumers another chance for a home purchase or refinance.
The National Association of Realtor’s released the September Pending Home Sales report today which is based on contract signings, not actual closings. The index fell 5.6% to 101.6 from 107.6 in August and is now at the lowest level since December 2012. What’s to blame? According to Lawrence, NAR chief economist, a decline in affordability and the government shutdown both had an impact on pending sales. Rising homes prices, higher mortgage rates and concerns over the government shutdown all had an affect on the housing market. On a good note, mortgage rates have come down since September.
Mortgage backed securities are flat today which means that mortgage rates aren’t moving either. Everything is hanging on the report that comes out of the Fed’s meeting which started today.
Florida Mortgage Rates October 28, 2013:
30 Year Fixed Rate Mortgage – 3.75% (3.954% APR)
15 Year Fixed Rate Mortgage – 2.75% (3.106% APR)
Check back tomorrow to get the newest rate updates!