| There was a lot of daily volatility for mortgage rates this week. On Tuesday, the Fed Minutes revealed a lack of enthusiasm for further easing, and this caused mortgage rates to jump. Increased concerns about Europe then helped mortgage rates improve on Wednesday and Thursday. The net result was a small increase in rates for the week. |
Additional comments indicating that the Fed is in no rush to tighten policy and renewed concerns about Europe helped mortgage rates improve this week. Mixed economic data and Treasury auction results had little overall impact.
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Hot off the presses, the new HARP2 program is rolling out as well!
This means that anyone with a Fannie or Freddie owned loan who is upside down in their homes may refinance their homes regardless of value. Additional guidelines apply regarding credit, current on payments, etc!!
What began as a quiet week quickly turned negative following the release of Tuesday’s Fed announcement. Mixed economic data and Treasury auctions had little impact. Mortgage rates ended the week significantly higher.
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Overall, the economic data came in pretty close to expectations this week, and Greece successfully reached a debt deal with private bondholders. With a lack of surprises in the economic news, mortgage rates ended the week nearly unchanged.
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It was a volatile week for mortgage rates, reacting to mixed economic data and unexpected comments from Fed Chief Bernanke. The various influences roughly offset each other, though, and mortgage rates ended the week essentially unchanged.
The Greek bailout package was passed on Monday as expected, and there was little reaction in US markets. Mixed US economic data also had little influence. Strong Treasury auctions were the biggest factor for mortgage rates this week, and rates ended the week a little lower.
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