Published Mortgage Rates Update - Rates Hold Steady before Fed Announcement

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The latest mortgage rate report details what’s happening with mortgage interest rates throughout the country. The report presents the key factors affecting mortgage rates today including economic indicators and news.

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The weekly mortgage rate report details the most important economic news affecting interest rates over the last seven days. Last week mortgage interest rates fell very slightly, but inched up this week to 3.81%. This week 30-year fixed rate rose by 2 basis points while 15-year fixed rate mortgages remained unchanged.

Current mortgage interest rates are:

3.81% - average rate for a 30-year fixed rate mortgage
3.04% - average rate for a 15-year fixed rate mortgage

Prior to the announcement from the Fed regarding more quantitative easing, rates have held relatively steady. The surge in Initial Jobless Claims has also exerted downward pressure on current mortgage rates while the announcement by Freddie Mac and Fannie May to raise mortgage fees is exerting upward pressure on rates. Competing factors coupled with markets taking a wait and see approach to the Fed's actions have minimized changes to mortgage interest rates.

There were a number of other economic reports released this week, but the announcement from the Fed about how much stimulus to expect will be the largest factor to affect mortgage rates. Below is an overview of this week's important economic activity.

Thursday: Initial Jobless Claims
Thursday: Producer Price Index
Friday: Retail Sales report

Economic reports held both positive and negative results, but few surprises. Initial jobless claims grew to the highest level since mid-July with several states reported increases tied to Tropical Storm Issac. The Producer Price Index rose 1.7% in August representing the largest rise in three years. The increase in US wholesale prices was driven by sharp increases in the price of gasoline and natural gas.

The mortgage team is forecasting that rates will fall in the next week based on the announcement from the Fed to increase stimulus spending indefinitely. To find more information on mortgage rates, new home listings and real estate agents, please visit:

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Matthew Saucedo
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