Mortgage Rates July 24, 2013
The market was lukewarm at best by the end of the day yesterday, and things are still moving slow this morning. Bonds continue to flirt with dipping below the falling trend line and, while stocks continue to get a boost from good corporate earnings, even stocks are heading south today. Both home purchases and home refinances are down, with purchases down by 2% and refinances down by 1%. However, it’s possible that rising mortgage rates lead to a shift in how mortgages were being processed earlier in the summer. The home sale rate for June was up 8.3%, which is the best the market has done in 5 years!
Inventory is currently low so there may be greater property appreciation ahead, with prices rising again as well (the median home price in June was $249k). Still, improvements in the market are hard to nail down and it looks like bonds are going to have to generate more gains before we see any stabilization on rate options. So yes, rates are likely going to continue to rise. You may want to consider locking in short-term and long-term rates.
July 24, 2013 our updated mortgage rates in Florida are:
- 30 Year Fixed Rate Mortgage – 4.125% (4.323% APR)
- 15 Year Fixed Rate Mortgage – 3.2% (3.542% APR)
Should we expect to see any improvements in the weeks ahead? Well, for bonds, it isn’t likely. And while stocks continue to get a decent boost, that’s not to say they’re doing great. Consumer traffic and spending are both down according to the most recent reports, and that doesn't bode well for anyone. At the very least, everyone seems excited for the $35 billion in 5-yr Notes to be released on the market later today.
Check back tomorrow to get the newest rate updates!
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