November 27, 2015
Mortgage loan interest rates were described by market watchers as “flat” on Wednesday before the Thanksgiving holiday. Markets were closed on Thursday and while some volatility is possible the day before a holiday, everything was basically quiet.
Friday’s trading day may or may not be marked by some movement of the mortgage rates (that hasn’t happened at the time of this writing) but industry professionals don’t expect any major developments to occur until next week when scheduled events, breaking news, and other factors could conspire to move rates up or down depending on investor reaction to those things.
Next week there is some potential for volatility due to scheduled data releases. Jobless claims, non-farm payrolls, and unemployment figures all come out late in the week–those economic data releases do have the power to move rates depending on investor reaction to the information in those reports.
For now, 30-year fixed rate conventional mortgages are holding at between 4.0% and 4.125% best execution (depending on the lender) and we see no movement from the FHA loan best execution comfort zone of 3.75%.
Best execution rates are available to those with outstanding FICO scores and other financial qualifications–your experience may vary. The rates you see listed here are not available from all lenders or to all borrowers.
Some advice to those uncertain about locking or floating at the moment includes the notion that much won’t happen until next week; some believe there is a lower risk in floating at the present time. That said, floating is never risk-free, so make the most informed choice you can and decide accordingly. It never hurts to ask the advice of your lender.
Do you work in residential real estate? You should know about the free tool offered by FHA.com. It is designed especially for real estate websites; a widget that displays FHA loan limits for the counties serviced by those sites. It is simple to spend a few seconds customizing the state, counties, and widget size for the tool; you can copy the code and paste it into your website with ease. Get yours today:
http://www.fha.com/fha_loan_limits_widget
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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