The Home Buyer's Korner

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April 16th, 2015

Guy looking up in color

Average Mortgage Rates for April 16th, 2015

rates

Mortgage rates remain at a 23 month low. This week’s data is showing that retail sales were down, housing starts fell short of projections, construction spending remain neutral and the Case-Shiller report confirmed that home owners in many parts of the country are still underwater.  

The data is beginning to convince investors that an interest rate hike remains further down the road than they previously had thought.

With must less than stellar data coming in the Federal Reserve will most delay increasing the federal funds rate, which is near zero and is a benchmark for mortgages.

Paul Edelstein, director of U.S. financial economics said: “We’re thinking September will be the earliest we expect the Fed’s to raise short-term interest rates and won’t rule out December or even next year. June is more or less off the table unless there is a big, positive surprise in the economy.”

The awakening comes after many on Wall Street had been clamoring about the economy overheating and pressuring the Federal Reserve to rate interest rates just a month or so ago. It makes you wonder just what planet the 1 percent lives on, when the data has been pointing to a slowdown for most of the first quarter. But you’d have l live on Main Street to of felt it I suppose.

Slow retail sales began to open the eyes of some Wall Street suits with a disappointing 0.9 percent rise compared with their earlier blue sky estimate of 1.1 percent.

Without Main Street willing to open its pocket books, investors are beginning to get concerned that the slowdown in the economy wasn’t just weather-related. It’s about jobs, stagnant wages and student loan debt, Stupid! Get your heads out of the clouds Wall Street and quit believing your own hype.

Fannie Mae’s Weekly Mortgage Rate Survey revealed the average 30 and 15-year fixed-rate mortgages rose one basis point this week to 3.67 and 2.94 percent respectively. The average 5/1 adjustable-rate mortgage rose five basis point to 2.83 percent and the 1 year adjustable-rate remained at 2.46 percent.

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Based on reality setting in on Wall Street, Main Street might see a drop in interest rate next week, so if you haven’t locked in stay in close touch with your loan officer.

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