Mortgage Rates July 31, 2013
After a bright and rosy looking future seemed in store for bonds yesterday, bond prices are being pushed lower again today. This means mortgage rates could go up of course, but we don’t expect much fluctuation beyond the usual to hit us until after the Fed has released their special report at 2 pm (see our special note below).
In other news, private employers have been reported to added 200,000 jobs this month and businesses of all sizes appear to be growing. This seems like it would be a great development, but purchases overall have slipped 3% between June and July. Added to the fall in purchases between May and June, it would appear there is a downward trend here that could negatively affect everyone later. Overall, the GDP (Gross Domestic Product) has shown growth and development of 1.7%. This figure is higher than expected, but still a weak number. We expect rates to rise by Friday, as we see the effects the numbers in these reports have on the market for the rest of the week. Also, be prepared for even more fluctuation in prices and rates with the next report.
July 31, 2013 our updated mortgage rates in Florida are:
- 30 Year Fixed Rate Mortgage – 4.125% (4.381% APR)
- 15 Year Fixed Rate Mortgage – 3.125% (3.583% APR)
NOTE: We don’t know for sure whether or not the statement the Fed releases will influence the market, or in what way, but we don’t think you should get too worried about it just yet. Whether or not the Fed will end up tapering is a matter of debate at this point, but I think we can all safely agree they aren't going to be tapering TODAY. The Fed will likely release a report that tells us to buckle down and expect more of the same for the next few months. That means expecting modest, but encouraging, gains while being prepared for the worst, and of course, rates that are going ever so slightly higher all the time. Simply be prepared to lock your rate this afternoon just in case.
Check back tomorrow to get the newest rate updates!
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