Check out the weekly mortgage rate update from Trident Mortgage!
The rate sheet linked below, and attached, is just about our best of the year. We saw some headlines Friday where job gains were reported higher than expected which would typically push rates up, but as the market digested the report there was a devil in the details. Though the unemployment rate dropped to a five-year low along with this surprisingly positive job report – it was bigger news that over 800,000 workers left the workforce entirely! The current U.S. work force has the lowest labor force participation rate since 1978. I don’t mention this to be Debbie Downer, I mention these details about jobs because as long as we see the sluggish job growth we will likely see these historic interest rates. The chart below reflects the prices of Fannie Mae mortgage bonds since the beginning of the year and the green bars are the price of the bond moving higher in that given day (rates dropping) and red bars indicate sell-offs (rates rising within that day). The green line across the top of the chart indicates where our price of the bond is now versus where it has been all year; you can clearly see we are at one of the 2-3 best times for rates in 2014. Great news for all our spring buyers!
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611