Orlando Mortgage Blog

Mortgage Rates Basically Flat

August 8th, 2013 2:08 PM by BILL WILBANKS

After the 10-year and 30-year MBS sale yesterday and today...net/net little change in rate sheets so far today. There were minor bump ups yesterday but even with the 10-year running down today so far around 2.59% basically most pricing sheets are holding where they were yesterday morning. The good news is that the August doldrums are better than the big upward rate moves we saw in May and June. The debate still goes on by the talking heads out there as to whether the Fed will or won't begin their tapering in September. Though there appears to be minor real market (less than 2% growth) and employment improvements (90% of new jobs appear to be part-time) it's still hard to argue there's sufficient improvement to bring on a beginning of the tapering process next month. Unless, you are of the group out there that believes Bernanke wants to at least put his mark on the beginning of the tapering move before his term is over, to be able to say he started rolling it back. Even the threat of it in May/June bumped mortgage rates up a historic 1% jump in a month. Results? Refinance mortgage loans have dropped at least 45% though purchases have only gone up about 6 to 7%. Thanks Ben.

Bill Wilbanks

Posted in:General
Posted by BILL WILBANKS on August 8th, 2013 2:08 PM

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