Mortgage Rate Stability May Not Lastby Tim Manni
Mortgage rates stood their ground last week amidst a “turbulent” week in the markets. According to the latest issue of HSH’s Market Trends Newsletter, “Rates Steady This Week,” that’s one trend that may not last much longer.
“Mortgage rates managed to finish a fairly turbulent week in the markets at a level unchanged from [the week before]. There was a bit of underlying volatility to the stock and bond markets, though, which suggests that the quiet demeanor of rates [last] week probably won’t last.”
“HSH’s measure of the overall average for 30-year fixed-rate mortgages — including conforming, jumbo and agency jumbo pricing — remained unchanged, keeping our Fixed-Rate Mortgage Indicator FRMI at 5.42%. A minor increase of three basis points (.03%) for conforming loans (and just one BP for agency jumbos) was offset by couple-of-basis-point drop in Jumbo 30-year FRMs. Five-one Hybrid ARMs took back a little better than half last week’s increase, easing by three basis points to 4.69%.”
What’s in store for rates this week? As far as the immediate future goes, we’re expecting rates to nudge higher.
Click here to continue reading “Rates Steady This Week.” HSH’s free weekly Market Trends Newsletter, an in-depth analysis of various financial markets of the week prior, is published every Monday. Email subscribers receive it in your inbox by Friday night, so sign up today! Also, be sure to check in with our Market Trends blog for all news relating to any weekly shift in mortgage rates.