Mortgage Rates Could Get Slippery

Mortgage rates tend to get “interesting” during the end of the year. 2014 will not disappoint.   Many think this is an end of the year phenomenon but I assure you, there is reason this happens.  The 2 primary factors playing into a slippery holiday mortgage environment this holiday season are: New Jobs/Unemployment data – right now (as of Friday) that data is positive showing job growth Thin trading – when we get closer to the actual holiday there is less volume which means markets can … [Read more...]

Mortgage Rates in the 3% Range?

The past few weeks have presented us with a somewhat unexpected return to lower Arizona mortgage rates.   Currently 30 year fixed rates sit in the low 4% range while not too long ago 5% was nearly the norm.  New Fed Chair Yellen has been speaking lately and her tone has been in line with "low mortgage rates for longer."  What she has had to say is indicative of anything BUT higher mortgage rates.  The irony is that exactly 1 year ago this month all signs pointed to rising mortgage rates based on … [Read more...]

Mortgage Rates Laying Low in Arizona

Arizona Mortgage Rates are supposed to be through the roof right now right?  As soon as the Fed pulled out, mortgage rates are supposed to float up like a 3 year olds party balloon stuffed full of helium sadly drifting skyward.   Well if that's the case we are still waiting for the inevitable.  That 3-year-old has let a little slack out but still has a firm grip on the string of her buoyant balloon.  Rates are still at record lows overall to the surprise of many. How long will mortgage rates … [Read more...]

Mortgage Rates Drop in Spite of Fed

Today was the all important FOMC statement release day which simply means the Fed released a statement that summarizes the results of the latest Fed meeting. The big topic that Arizona Mortgage Lenders are tracking relative to the direction of mortgage rates is what the committee (The FED) sees relative to overall economic progress and our nation’s employment situation (new job creation/unemployment rate).  Lenders are also stalking the FED’s actions to see what they do with regard to its … [Read more...]

Bad Jobs Number Helps Mortgage Rates

We have all come to accept that the Arizona mortgage rate ride is currently slowly but surely climbing upward.  In an environment where the Fed Taper is on and the economy is "improving" the expectation is mortgage rates will be higher later than they are today.   While that general consensus will stay in place for now, the new jobs report that came out on 1/10/14 put that rate climb on hold.  In fact, the climb grabbed some loose rocked and slipped back down Mt. Mortgage Rate a little … [Read more...]