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What's Ahead For Mortgage Rates This Week - October 14, 2014

Whats Ahead For Mortgage Rates This Week October 14 2014Economic news was lean last week as the first week of the month tends to be calm in the aftermath of the rush of end-of-month reporting.

Of note was CoreLogic’s report on housing markets, the release of the minutes from the most recent FOMC meeting and lower mortgage rates reported by Freddie Mac.

CoreLogic Reports Lowest Home Price Gains in Almost Two Years

August home prices hit their slowest growth rate in nearly two years according to CoreLogic data released last Tuesday. Annual home prices grew by 6.40 percent in August as compared to July’s reading of 6.80 percent. Year-over-year home price growth reached a rate of 11.40 percent in August.

Analysts have recently said that a slow-down in home price growth may increase slowing demand for homes as inventories of available homes have increased in recent months. Low inventories of available homes and high demand contributed to rapid growth of home prices in 2013.

The slower pace of home price gains is expected to continue next year; analysts predicted an annual growth rate of 5.20 percent in August 2015. Home prices remain about 12 percent below peak levels reached in 2006.

Federal Reserve Policy Makers Watch U.S. Dollar, European Markets...Read More

If you’ve been looking at mortgage rates for a purchase or refinance, now is a good time to explore. While conforming rates continue to stay at lower levels - going forward, rates have much more room to rise than to fall.

Kimberly A Cottingham President/CEO                                                                     

 



Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.97% 4.1%
15-yr Fixed 3.18% 3.35%
1-yr Adj 2.38% 2.95%
* national averages

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