November 15, 2013 Friday Rate Sheet and Market Commentary _ Courtesy Tony GuaraldiVP of Mortgage Lending
As we had hoped the Mortgage Bond markets bounced back this week recovering some of the losses from last Friday’s Jobs Report. The highly anticipated event for this week was the Confirmation Hearing for our new Fed President Janet Yellen which took place yesterday morning. She is perceived to be “Dovish” which in our world means likely to continue the stimulus that has been keeping interest rates low and the stock market rising. In her Q and A session at the hearing she did say as expected that the Fed would continue the bond purchases until the economy improves. She did also mention that she believes the real unemployment rate is closer to 10% rather than the number from last week’s Jobs report at 7.3%.
CLICK HERE for the November 15 Mortgage Rate Sheet.
One of the best ways to get your Silicon Valley home ready for sale is to have nice looking, clean and organized closets, as Buyers will be viewing. This is a wonderful tutorial video by Alex that provides great tips of how to organize items by size, type and color with stackable containers and a spinning shoe rack – if you present your closets neat and clean like this when you sell your home, your Buyers will love your home!
WASHINGTON—Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve’s stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.
CLICK HERE for the full San Jose Mercury News article.