Can you believe the delayed, skewed jobs report? The business survey shows 204,000 new jobs…
Finally, the end of waiting for the Fed’s meeting and good news for mortgage rates. The Feds will not begin to taper, but will continue to purchase $85 billion in bonds each month. Some things that came out of the meeting include economic instability as the primary reason, the housing sector recovery has slowed and they will seek more evidence of sustained growth.
ADP reported today that private employers added 130,000 workers in October which was above the expected 125,000, but down from 145,000 in September (revised lower from 166,000). The September Consumer Price Index increased by 0.2% and was above expectations, however, year-over year CPI dropped to 1.2%.
Lower mortgage rates helped loan applications this past week. The Mortgage Bankers Association reported that mortgage application volume was up 6.4% on a seasonally adjusted basis for the week ending October 25th. The Refinance Index increased 9% while the Purchase Index rose 2% on a seasonally adjusted basis. Refinance applications accounted for 67% of total apps, up from 65% the previous week.
Since the Feds decision was expected, there is not much market reaction to this news. In fact, MBS are flat and stocks are down. As far as mortgage rates, they should remain unchanged and continue low for this last quarter of the year.
Florida Mortgage Rates October 30, 2013:
30 Year Fixed Rate Mortgage – 3.875% (4.051% APR)
15 Year Fixed Rate Mortgage – 2.875% (3.215% APR)
Check back tomorrow to get the newest rate updates!