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Mortgage Rates September 3, 2013

After a long holiday weekend and talks of delay over the attack on Syria, the mortgage bonds open lower and are negatively affecting mortgage rates today.  With ADP employment and initial jobless claims being released this Thursday, we can expect to be back on the bonds and mortgage rates roller-coaster all week.  Mortgage lenders have re-priced their rates twice today already.  So, if you had locked in early this afternoon, you would have received higher rates than if you had waited and locked after 3pm.

There’s a reason we focus on the roller-coaster effect. Even an eighth of a percent in your interest rate for two identical borrowers, locking in the same day at different times, with an average of 200k in loan, would cost one borrower almost $15 more in their monthly payment.

The September 18th Fed meeting will play a key factor in the lowering of mortgage rates.  Depending on the outcome, we may see rates in the 3s again.  So if you like to gamble, you may want to float your rate at least till the jobless claims are reported this Thursday. If not, you may want to lock ahead of this highly anticipated report as this will be the last time the Feds will look at employment data before releasing their tapering plans on September 18th.

September 3, 2013 our updated mortgage rates in Florida are:

  • 30 Year Fixed Rate Mortgage – 4.375% (4.485% APR)
  • 15 Year Fixed Rate Mortgage – 3.375% (3.653% APR)

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