Published Mortgage Rates Update – Rates Finally Rise

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The latest mortgage rate report details what’s happening with mortgage interest rates throughout the country. The report’s analysis includes the key factors effecting mortgage rates today such as economic activity, average rates and trends in the mortgage market.

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The weekly mortgage rate report details the most important economic news effecting interest rates over the last seven days. Last week rates fell very slightly to new record lows, but that wasn’t the case this week. This week 30-year fixed rate rose by 2 basis points while the 15-year fixed rate mortgages fell by 1 basis point.

Current mortgage interest rates are:

         3.77% - average rate for a 30-year fixed rate mortgage
         2.99% - average rate for a 15-year fixed rate mortgage

The continued weakening of the European economy has helped suppress interest rates in the U.S., but it was the Fed’s talk of more Quantitative Easing that had the larger effect on rates this week. The drop in Initial Jobless Claims also led to a situation that was ripe for rate rises.

There were a number of important economic reports released this week. Below is an overview of this week's most important economic activity.

  •     Tuesday: Consumer Spending and Personal Income reports
  •     Wednesday: ISM Index
  •     Friday: Jobs Report

The Commerce Department’s economic reports held both positive and negative results, but few surprises. For the first time in almost a year Consumer Spending fell in June, however it was by a very modest 0.1%. Household Income on the other hand rose by 0.5% during the same time. The rise is slightly better than analysts had expected.

ISM Index measures the health of the manufacturing section and this month’s measurement was much better than the one before. The index for July was 55.2, which is indicative of expansion. Anything above 50 indicates an increased rate of activity. Also during July the 6 month rose from 56.7 to 61.7.

The most influential report out this week is July Jobs report. Analysts predicted that the unemployment rate would remain unchanged and only 100,000 jobs would be created.
The mortgage team is forecasting that rates will either remain the same or possibly increase a point or two again next week.

To find more information on mortgage rates, new home listings and real estate agents, please visit:

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