Published Mortgage Rates Update – Rates Take a Dive

Share Article’s weekly mortgage rate report supplies buyers and sellers with data about what’s happening with mortgage interest rates across the country. The report details the biggest factors effecting today’s mortgage rates including trends, average rates and current economic activity in the mortgage market.

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The weekly mortgage rate report outlines the most important economic news effecting interest rates over the last seven days. News last week of the stalling U.S. economy pushed rates downward even further to brand new record lows. This week both the 30-year fixed rate mortgages and the 15-year fixed rate mortgage rates dropped 8 basis points.

Current mortgage interest rates are:

         3.79% - average rate for a 30-year fixed rate mortgage
         3.05% - average rate for a 15-year fixed rate mortgage

Last week economic news continued to be disappointing with manufacturing indicators falling to a 3 year low and the jobs report found no change in the unemployment rate. With things remaining the same in Europe rates weren’t likely to go up, however the drop was farther than most analysts expected.

This week there were numerous economic reports released. Below is an overview of this week's most important economic activity.

  •     Wednesday: Treasury Auctions
  •     Thursday: Initial Jobless Claims
  •     Friday: Producer Price Index (PPI)

In the midst of mundane economic reports this week’s Initial Jobless Claims held some good news. New claims fell to 350,000, which is the lowest it’s been since March 2008. However, people should keep in mind that the weekly jobless claims can swing widely.

The Producer Price Index (PPI) is an indicator of inflation levels and inflation is one of the economic factors that affect interest rates the most. On Friday the PPI showed only a modest increase of only 0.1% in the core rate, meaning rates are safe from the influence of inflation for the time being.

One fast approaching event that’s affecting mortgage rates is the presidential election. With uncertainties of what 2013 will bring no matter who wins, investors are keeping their money in U.S. Treasury bonds and mortgage-backed securities. Pair that with the fact that the Fed is continuing its efforts to keep rates low through mortgage-backed bond buying, and its unlikely that rates will rise much this year.

Rates have been steadily declining since April 4 and the mortgage team forecasts that they’ll likely stay the same or edge slightly lower in the coming weeks.

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

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Ace Elliott