Freddie Mac and the Mortgage Bankers Association released reports this week giving insight on the current mortgage market. While applications have declined about 2% over the past week, the rates themselves have hardly moved at all. Potential homeowners can appreciate the stagnant rates for the time being because the slack in the job market warrants continued Fed help to keep rates low.
“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus.”
The refinance share of mortgage activity decreased for the eighth straight week to 53% of total applications and the adjustable rate mortgages rose to 8% of applications. The average 30-year, fixed-rate mortgage averaged 4.41% for this week which is only up .01% from last week but almost a full percent from a year ago.
Union Mortgage has some of the lowest mortgage rates. Apply today and find out how much you could be saving on time and money.
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