Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

The week that was

Continued market volatility; the mortgage market regained some losses from the week before as interest rate markets swung wildly from one economic report to the next. Freddie Mac Primary Mortgage Market Survey® for 30-year fixed-rate mortgage (FRM) averaged 5.29 percent with an average 0.7 point for the week ending August 13, 2009, up from last week when it averaged 5.22 percent. Last year at this time, the 30-year FRM averaged 6.52 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.75 percent this week, with an average 0.6 point, up from last week when it averaged 4.73 percent. A year ago, the 5-year ARM averaged 6.02 percent.

Note that these average rates are for Loan amounts $417,000 and lower.

July retail sales were much worse than market expectations and the U. of Michigan consumer sentiment index dipped to a new record low at 63.2.

The week that will be

No Treasury borrowing to concern traders. Housing starts and permits, along with existing home sales will rev up the chatter and debate about the status of the housing sector. Pushing mortgage rate lower will require a crack in the equity markets and a new concern that the economy isn’t as rosy as most believe now. This week will likely see continued intraday and interday volatility that have characterized the markets for the past two months.

Related Posts

  • 98
    The week that was: Everything was ticking along fine in the bond and mortgage markets until Thursday afternoon when the 30 yr bond auction results saw much less demand than was expected. The first time in a few weeks the markets were slapped down on the belief there was no…
    Tags: mortgage, week, markets, year, averaged, percent, rates, market, will, frm
  • 80
    The week that was: By the end of the week mortgage rates and treasury rates were basically unchanged. Now looking for mortgage rates to hold between 5.00% and 5.37% for the near term, that said, the technicals are now slightly bearish. Estimates for Loan Volume for 2010 & 2011 -…
    Tags: week, markets, housing, will, mortgage, rates, market, frm, rate, ltv
  • 80
    The week that was This week didn't have much in the way of economic data; weekly claims declined 26K. U. of Michigan consumer sentiment index jumped to a stronger read than expected but somewhat ignored as recently it has become more volatile. In my view the most significant data this…
    Tags: week, averaged, percent, mortgage, rates, year, market, lower, conventional, loans
  • 79
    The week that was: A volatile but good week for the rate markets. Mortgage rates fell to their lowest levels since last April. Treasuries continue in demand from foreign central banks and domestic investors; likely some of the buying is associated with new concerns that the economy isn't on the…
    Tags: week, percent, year, averaged, mortgage, markets, will, frm, market, rates
  • 79
    The week that was Mortgage Loan Limits Extended: The House Appropriations Committee has approved an extension of the $729,750 loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through September 2010. The committee also increased the lending and guarantee authority of FHA and Ginnie Mae, as…
    Tags: week, mortgage, year, averaged, percent, rates, market, average, will, conventional