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Mortgage Rates July 29, 2013

Both stocks and bonds are opening up this morning a bit slow, but bonds are expected to improve as the day wears on. If possible, you should take advantage of improved mortgage rates now. New data for Pending Home Sales show that existing homes under contract for sale have gone down by .4%, which doesn't sound good but is actually less than the 1.4% loss that was expected. This is good news, but still backs up our earlier assumptions about how homebuyers accelerated their purchases in the summer in order to beat out higher rates. Basically, a lot of purchases that would ordinarily take place in July or August were moved up into June in order to benefit from rates that everyone projected to rise.

This means you can pretty safely expect the number of sales to continue to diminish next month as this effect plays out, but don’t fear that this shows the market is slowing down. August is traditionally a slow month, and the current Pending Sales figures are still more than 10% higher than they were last year. On the whole, the housing industry continues to recover, even with higher rates all around.

July 29, 2013 our updated mortgage rates in Florida are:

  • 30 Year Fixed Rate Mortgage – 4.125% (4.326% APR)
  • 15 Year Fixed Rate Mortgage – 3.125% (3.513% APR)

Disclosures

This week is going to be a big week regarding statistics and reports. Wednesday and Friday are going to be especially big, as we expect to find out how many new jobs have been added and whether or not the Fed intend to taper and what their unemployment threshold will be. The Fed’s current fund rate is .25% and this is expected to remain the same. This is good for bonds this week, but once their fund rate begins to fall we can expect to see much higher interest rates.

Check back tomorrow to get the newest rate updates!

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