Mortgage markets worsened slightly in last week's holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range. Home buyers in Phoenix and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped. According to Freddie Mac's weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying 0.7 discount points. That is, until Thursday's meeting of the European Central Bank. The ECB … [Read more...]
What’s Ahead For Mortgage Rates This Week : September 4, 2012
Mortgage markets improved last week for the second consecutive week. With no news coming from Europe, Wall Street was focused U.S. economic data and Federal Reserve Chairman Ben Bernanke's planned public speech from the Fed's annual retreat in Jackson Hole, Wyoming. Rate shoppers and home buyers in Phoenix caught a break. The housing market was shown to be improving last week, as was the average household income nationwide -- two events which would have typically moved Arizona mortgage rates higher. But, because the Fed Chairman used his speech to signal that new economic stimulus may be … [Read more...]