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Mortgage Rates November 5, 2013

It may be just another day, but MBS prices started the day lower and have continued to decline. This is not good news for mortgage rates; putting them at risk for unfavorable pricing.

The ISM Service Index rose to 55.4 for the month of October, which was above expectations of 54.0. Also released, the Census Bureau reported today that the U.S. homeownership rates rose slightly to 65.3% during the third quarter, up from 65% for the second quarter which was the lowest since the third quarter of 1995.

The Feds are still talking, this time it was Boston Fed’s Eric Rosengren who said that economic growth is still low and that the Fed is in no hurry to raise short term rates (Fed Funds Rate). Rosengren also stated that he is not happy with the progress of jobs growth which most likely means that QE3 will continue in to at least the first quarter of 2014.

The Federal Reserve’s latest survey of loan officers shows that some large banks have eased up on their lending standards for prime residential mortgages over the past three months, while small banks have reportedly kept most lending standards the same. Banks also reported that there has been less demand for prime and nontraditional mortgages over the past three months.

Even though all of this Fed talk is favorable for mortgage rates into the next quarter, today may not be such a good day. As MBS continue to fall, we may be looking at slightly higher mortgage rates soon.

Mortgage Rates November 5, 2013:

30 Year Fixed Rate Mortgage – 3.875% (4.053% APR)
15 Year Fixed Rate Mortgage – 2.875% (3.214% APR)
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