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Mortgage Rates August 5, 2013

Both stocks and mortgage bonds started off a bit lower this week, despite having given us some promising gains last Friday. WE can probably expect them to slip a little further toward the falling trend line later on today, as new 10 and 30 yr. notes are released by the treasury this afternoon and there’s not much hope that the market will be able to absorb them. Though there’s not much reason to lock just yet, keep your ear to the ground for further developments. WE expect rates to continue rising.

August 5, 2013 our updated mortgage rates in Florida are:

  • 30 Year Fixed Rate Mortgage – 4.125% (4.361% APR)
  • 15 Year Fixed Rate Mortgage – 3.125% (3.536% APR)

Disclosures

If you missed it last week, the Bureau of Labor Statistics came out last week and showed that fewer jobs had been created than expected- about 20,000 fewer to be more exact. However, the rate of unemployment dropped from 7.6% to 7.4%. Note that the rate of unemployment is determined by how many people are collecting some kind of unemployment assistance, so it’s hard to know whether or not this drop is anything to be happy about. What we do know, is that the unemployment threshold will play a major role is determining in what the Fed decides to do in September. Some experts are telling us that we shouldn’t expect any major changes until at least next year. But considering the effect every one of these reports and decisions has on the mortgage rates (on even just a daily basis) we say be prepared for anything.

Check back tomorrow to get the newest rate updates!