Kim Abbott

Riding Real Estate Agent

  • About Me
  • Resources
    • Buyer Info
    • Seller Info
    • Home Appraisal
    • Home Inspection
  • Find a Home
  • Testimonials
  • Contact

What’s Ahead For Mortgage Rates This Week – October 7, 2013

October 7, 2013 by Kim Abbott Leave a Comment

What's Ahead For Mortgage Rates This Week- October 7, 2013This week’s economic news commentary has been dominated by the “what ifs” of a government shutdown; opinions of potential consequences are limited only by the number of commentators sharing their opinions.

Unfortunately, more concrete examples of the shutdown were evident last Tuesday and Friday.

The Department of Commerce delayed release of August’s Construction Spending report that were due last Tuesday and The Bureau of Labor Statistics delayed the release of September’s Non-farm Payroll and Unemployment that were due last Friday.

The ADP Employment report for September posted a reading of 166,000 private sector jobs added against expectations of 180,000 new jobs added. September jobs added surpassed August’s reading of 159,000 new jobs added in the private sector.

Mortgage Rates Remain Near Record Lows

Freddie Mac’s Primary Mortgage Market Survey released Thursday brought a third consecutive week of falling mortgage rates. 30-year fixed rate mortgages had an average rate of 4.22 percent down from 4.32 percent the previous week.

The average rate for a 15-year fixed rate mortgage fell by eight basis points from 3.37 percent to 3.29 percent and the average rate for a 5/1 adjustable rate mortgage fell to 3.03 percent from 3.07 percent.

Discount points were unchanged from last week at 0.70 percent for both 30-year and 15-year fixed rate mortgages and rose from 0.50 percent to 0.60 percent for 5/1 adjustable rate mortgage loans.

Weekly Jobless Claims were lower than projected. The reading of 308,000 new jobless claims was better than the 313,000 new jobs expected, but was higher than the prior week’s 307,000 new jobless claims.

What‘s Coming Up Next

This week’s scheduled economic reporting is also subject to adjustment if the federal government’s budget is not resolved. The most recent FOMC meeting minutes are due on Wednesday; if released they are expected to provide details about the Fed’s decision not to change its current quantitative easing program.

Weekly jobless claims and Freddie Mac’s PMMS survey of average mortgage rates are due Thursday. The University of Michigan Consumer Sentiment Index for October is set for release on Friday. 

Filed Under: Housing Analysis Tagged With: Mortgage Rates,Jobless Claims,Financial Reports

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Kim Abbott

Contact Kim

CALL (602) 540-3719
Located in Phoenix, AZ

HomeSmart

Connect with Me

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Recent Articles

  • An Overview Of A Wrap-Around Mortgage: What To Know
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023
  • How to Get Along With Your Homeowners Association
  • Manage These 3 Items Before Applying For A Mortgage
Equal housing & Realtor

Looking For Something?

Our Location

3333 E Camelback Rd
Suite 150
Phoenix, AZ 85018

Copyright © 2023 · Powered by MySMARTblog