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Mortgage Rates August 6, 2013

Bonds are sitting stable at nearly the same level as yesterday. Unfortunately, the level of trading they’re sitting at is pretty low; just around the falling trend line. So, the apparent stability doesn’t really mean much that’s good. At 1 pm today $32 billion in 3-yr notes will be released. If no one’s interested in buying, bonds could pay the price and drop even further. We advise much caution today, as there simply seems to be too much debt for the market to properly absorb. Mortgag rates should be stable throughout the morning but be prepared for slight increases in the afternoon as bonds take a hit from the release of so many new notes into a weak buying atmosphere.

August 6, 2013 our updated mortgage rates in Florida are:

  • 30 Year Fixed Rate Mortgage – 4.125% (4.341% APR)
  • 15 Year Fixed Rate Mortgage – 3.125% (3.526% APR)

Disclosures

In other housing news, Corelogic Home Price Index reports show that housing sale prices increased by 1.9% between May and June. There has been an 11.9% increase in overall home prices since last year. This is actually good news since it means that home appreciation is on a fast upward trend (and quite a few of us are happy to see devalued homes picking up some of their worth again). We’re not at the height we were back in 2006, but any improvement is a good one. Corelogic expects a net gain of 12.5% in home prices for the year.

Check back tomorrow to get the newest rate updates!