Chicago, IL (PRWEB) December 23, 2013
Peoples Home Equity expects mortgage rates to continue to float in a narrow range through this week due to the Christmas holiday. Markets will be open for just half a day tomorrow, December 24th, and they will be closed for Christmas December 25th. Meanwhile, lenders such as Peoples Home Equity await the Federal Housing Finance Agency’s next home price index report to be announced on Thursday, December 26th.
Mortgage rates trended in a very narrow range today on December 23rd. Peoples Home Equity has been informing mortgage applicants that for a Freddie Mac home loan one must pay 0.1% more in guarantee fees. Guarantee fees protect “the repayment of mortgages” according to MortgageNewsDaily.com.
Home Equity emphasizes the importance of noticing the recent lack of movement in mortgage rates. The lender finds many competing factors influencing the level of rates. While many data points have shown that a housing slowdown is the reality, mortgages rats are not declining. It is assumed that Increasing initial jobless claims, declining weekly mortgage applications, and declining existing home sales would have a declining effect on mortgages rates. However, the reality is markets are fixated on the long term consequences of easing the Federal Reserve’s asset repurchase program. Once the Fed stimulus program ends mortgage rates are expected to rise dramatically.
Apart from rates, Peoples Home Equity will also be watching for the Federal Housing Finance Agency’s home price index. While the current index reading shows data from September it also gives individual city reports which Peoples Home Equity expects to post later in the week show which cities are outperforming others?
Peoples Home Equity is also expecting another important report this week on Thursday, December 26th, Initial jobless claims. While Peoples Home Equity is optimistic of a pending declining initial claims trend, its expectations are low for Thursday's report. The lender is expecting to see a number of 350,000 or more.
Please contact Peoples Home Equity loan officer today for HARP loan details at: (855)-897-0300