Helping you TRACK Mortgage Rates
Welcome to Rate Track. This video blog will help you learn more about where mortgage rates are and what to expect going forward. Learn more about when to lock in your mortgage rate and much more!
01/17/2016 | Mortgage Rates off to a great start in 2016
2016 has proven to be a good year so far for mortgage rates. Despite a Fed Funds rate hike in late 2015, mortgage rates have dropped in the first couple weeks of 2016.
02/02/2014 | Mortgage Rates continue to improve post taper
Arizona Mortgage Rates have not disappointed in the new Fed taper era. The Fed has begun to pull back out of the rate market and many expected rates to increase. As of the close of business on Jan 31, 2013 (last Friday) mortgage rates are lower than they have been in 28 out of 30 years.
12/16/2013 | Rates doing well after Dec jobs report
Surprisingly, mortgage rates have responded positively to a somewhat upbeat jobs report that came out on December 6, 2013. Going forward, the next big move in rates will be based upon Taper Talk. Just when, how much and how soon will the Fed Taper out of its Quantitative Easing program that has kept mortgage rates so low for years. Stay tuned for more. The Fed meets starting tomorrow and will release notes relative to its meeting this week!
11/19/2013 | Rates remain consistently inconsistent
Mortgage rates continue to move up and down and with little economic data on the docket this week and thin trading going into the Thanksgiving Holiday don’t look for anything to change. The next big BIG report is the jobs report due out on Dec 6th. This as always is a potential rate mover. For now, Arizona mortgage rates continue to hover in the 4.0% to 4.5% range (30 yr fixed, 740 + credit score, primary residence, 20% down).
11/10/2013 | Jobs Report bullies rates
Good jobs well, it is great for our economy and the overall long-term housing market recovery however Arizona mortgage rates ticked up on the good news. We saw best execution on most 30 year fixed loan scenarios pop up .125% or .25% early on Friday based on the news. Going forward, our focus will be on what the Fed’s appetite is relative to tapering out of their quantitative easing program which has been a big reason (if not THE reason) mortgage rates have been so low since 2009.
11/07/2013 | Jobs Report Eve
Arizona mortgage rates have crept up slightly since our last update however the big news we have all been anticipating will be delivered tomorrow in the form of our jobs report. Typically bad job data equals good news for mortgage rates however with tomorrow’s jobs report potentially being influenced by the recent government shutdown it will be interesting to see just how the market interprets the data. Smart money is on locking your rate in ahead of the report on a float down so you are protected and rate responsive regardless of tomorrow’s outcome.
10/29/2013 | Rates creep down/Fed Day tomorrow
Mortgage rates continued their pattern of improvement today. No overly significant movement on the day however the trend continues to be one of rate improvement. The Fed releases its notes tomorrow which is always a potential market mover. We do not expect any significant data to come from the meeting but smart money is on locking a rate in prior to the release with our float down program to best protect yourself.
10/25/2013 | Home affordability improving thanks to low rates
Interest rates continued to improve today which is helping to improve home affordability. The lifetime cost of a $300,000 mortgage is down 10% due to an approximate .875% decrease in 30 year fixed Arizona mortgage rates over the past few weeks. Is now the time to buy? Higher inventory and lower interest rates sure make it tough to argue that today’s a great time to purchase a home in Arizona.
10/22/2013 | Rates are falling
Mortgage rates continue a pattern of improvement primarily thanks to a lackluster economy and continued support from the Fed. Beware of potential spikes due to investors taking profit (selling bonds) which is typical after a period of significant rate improvement. This market can change in the blink of an eye.
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com
By Jeremy House