Weekly Rate Update 28Oct16 From Gerry Phillips With Movement Mortgage
Dated: October 30 2016
Slow but sure... Mortgage Rates continue an upward climb in anticipation of a short term interest rate (FED reserve rate) increase by the Federal Reserve Bank Board.
Quote of the week from Movement Secondary Market....
Now that we’re a few months removed from the Brexit, and global economics look more stable, economists expect interest rates to stabilize and trickle upward at a moderate pace. Refinance activity has already begun a descent this quarter, and a potential December interest rate hike by the Federal Reserve will likely pump the brakes further on this summer’s refi surge.
Furthermore, Since wage growth helps eliminate one of the most common barriers to homebuying — affordability — Freddie Mac’s forecast for next year calls for a gradual increase in the number of new housing starts. That creates an opportunity to tap into a segment of would-be homebuyers who have held off on taking out a mortgage for fear of financial uncertainty.
MORTGAGE RATES at a glance...
30yr Conventional (Fannie/Freddie) - high 3s
15yr Conventional - right at 3 to low 3s
30yr Government (FHA, USDA, VA) - mid 3s to high 3's
15yr Government - low 3s
**Your Rate depends on several factors..
timing of your closing
loan amount, term, & program
You can depend on me for accurate and trustworthy information.
We Love & Value People... that is our culture at Movement Mortgage.
Thanks! ALWAYS feel free to call, text, or email me… any day, any time. My direct mobile number is 573-480-1978.
Accessible, Responsive, Decisive, Dependable Lender….
Gerry Phillips, Loan Officer (NMLS #505678)
Kathy Beeler is a trustworthy Lake of the Ozark Realtor, who is reliable and knowledgeable when it comes to buying or selling properties in Lake of the Ozarks area. If you are in need of a professiona....
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