Mortgage rates rose slightly this past week. Last week was a short week and it felt odd with a mid-week holiday. The markets also seemed to break the week into two pieces, with mortgage rates rising Monday and Tuesday then beginning to fall back again Thursday and Friday as economic data came out.
Early in the week, the overriding factor for the markets was speculation that the Fed may raise rates in December. Thursday there were several members of the Fed speaking at a variety of events. The theme seemed pretty consistent, that the Fed anticipates hiking rates in December or early 2016. There was continued emphasis that December was not to be ruled out and that the pace of future hikes likely to be very measured and gradual. The markets seemed to have adjusted to what the Fed was saying as mortgages held their ground and didn’t rise Thursday, even in light of the Fed speakers’ comments. Friday morning rates fell some as Retail Sales and Producer Price Index figures came in disappointingly low.
- 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.6 point for the week ending November 12, 2015, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent.
By: Michael Borodinsky
Vice President/Regional Builder Branch Manager | Caliber Home Loans
Call Michael: 732-382-2654
Email Michael: Michael.Borodinsky@caliberhomeloans.com
Follow Michael on Twitter: @mikeborodinsky