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Mortgage Rates September 4, 2013

Mortgage rates today are increasing once again.  This morning’s grapevine on ADP employment data is showing almost 177k jobs created in August, which is better than expected.  Again, we have had a surge in the stock market which put pressure on mortgage bonds.

Market data shows that purchase applications are down slightly. We are seeing an increase in refinance applications from all the slackers that were hoping to see rates in the 2% range which, in my opinion, is over and done with. Unfortunately, greed is back firing on all the sideline refinancers.

CNBC today did an interview with Coldwell Banker’s CEO and other industry leaders. According to them, high interest rates are currently not effecting the mortgage market. I’m not sure what planet they’re living on, but the fact is, higher rates are going to affect home buyers’ ability to qualify for a mortgage. This is also going to slow down what little price appreciation we’ve seen over the last 12 months in the housing sector.

They also commented on the lack of inventory and why people are on the sideline to sell their home. My opinion: A shortage in the existing home inventory is not due to the fact that people don’t want to sell their home, but because they still owe more on their home than the value of their home. As a result, they have two options. 1. Stay in their home, 2. Go into short-sale and ruin their credit.

September 4, 2013 our updated mortgage rates in Florida are:

  • 30 Year Fixed Rate Mortgage – 4.375% (4.497% APR)
  • 15 Year Fixed Rate Mortgage – 3.375% (3.693% APR)

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