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What's Ahead For Mortgage Rates This Week - October 27, 2014

What's Ahead For Mortgage Rates This Week March 31,2014Last week’s economic news included a few developments connected with housing and mortgage industries. While no economic reports were released on Monday, the rest of the week provided good news for existing home sales, home prices and mortgage rates.

The National Association of REALTORS® reported that existing home sales in September exceeded expectations and the prior month’s reading with a seasonally adjusted annual rate of 5.17 million sales.

Three of four U.S. regions posted higher sales of previously owned homes with only the Midwest region reporting a decline in existing home sales. Analysts said that consistent job growth and improved access to mortgage loans are two keys to improving U.S. housing markets.

FHFA, the agency that oversees Fannie Mae and Freddie Mac reported that home prices for properties associated with Fannie Mae and Freddie Mac mortgages rose by 0.50 percent in August.

In a separate development, FHFA Director Mel Watt said that the agency is reviewing policies that could lessen lender concerns over requests to repurchase Fannie and Freddie loans due to early defaults or other deficiencies. This was seen as a possible solution to current strict mortgage approval requirements that are limiting access to home loans by first-time and moderate income buyers.

Mortgage Rates Fall, Weekly Jobless Claims Rise...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 3.98% 4.11%
15-yr Fixed 3.13% 3.29%
1-yr Adj 2.43% 3.02%
* national averages

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