Mortgage Rates Hit July Lows After Weak Housing Data

Norhill Realty July 23, 2013

Mortgage have been on a wild ride for mortgage rates over the past few weeks.  As many know, Ben Bernanke released statements that the Federal Reserve would curb its participation in the mortgage markets in 2014.  That participation has been a key driver of low interest rates over the past few years.  The mortgage market has calmed down a bit since the release of this information.  This week mortgage rates fell to the lowest levels in July.  Here’s the latest from Mortgage News Daily:

Mortgage rates were lower again to begin the week as weaker-than-expected economic data helped rates improve slightly in the morning.  The overall level of activity in bond markets that underpin mortgage and Treasury rates remained subdued, but the trading levels were strong enough for a few lenders to offer a mid-day rate-sheet improvement on top of the already stronger rate sheets this morning.  The result is an average top-tier rate (best-execution) that’s now closer to 4.375% compared to last week’s 4.5%.

Learn the rest of the story and keep up to date on the mortgage markets at Mortgage News Daily’s Mortgage Rate Watch.House-Value4