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Mortgage Rates July 23, 2013

Today it looks like good corporate earnings have driven stock prices up, but at the expense of mortgage bonds, which are doing worse today than they were yesterday. It looks like they may close beneath the trend line as opposed to above it. Securities are dipping lower today compared to yesterday as well. What does this mean for you?

Well, gains from the sale of Mortgage bonds resulted in lower mortgage rates in the past, so it stands to reason that such a loss of mortgage bond gains today may mean we lose some of the better rate options. We’ll let you know tomorrow how the market is changing, but if bonds keep falling, prepare yourself for higher rates in general. Today’s rates are approximately 1/8th higher than yesterday’s.

July 23, 2013 updated mortgage rates  in Florida are:

  • 30 Year Fixed Rate Mortgage –  3.99% (4.197% APR)
  • 15 Year Fixed Rate Mortgage – 3.10% (3.408% APR)

 See Disclosures

Also, we note that a cap on Bond prices was in effect this morning, as everyone geared up for the release of $35 billion 2-Yr Notes.  This is part of a $99 billion package of 2-yr notes that are going to be sold this week.

Check back tomorrow to get the newest rate updates!