Mortgage rates started off lower in morning trading but then got slightly worse by afternoon and ended up closing at the same rate as yesterdays close. Signs of an improving economy will usually push mortgage rates higher while bad economic news will usually push mortgage rates lower. Bad news is good news for mortgage rates and the selling of bonds happens when there is good economic news. Inflation is trickling into prices but not enough to deter the Fed from selling bonds they bought from AIG.
Current mortgage rate trends for those seeking mortgages in San Diego are looking good if buying a home or refinancing an existing home. Mortgage rates may remain at their current level for a few months but do not be fooled, mortgage rates will definitely go higher.
Mortgage rates are remaining fairly steady after the volatility that was caused by the damage of the Japanese earthquake and Tsunami. Janet Yellen Vice Chair at the Fed says there is no immediate action by the Fed to raise rates. She feels raising rates too soon could hamper the recovery. The Fed is set to sell 1.2 billion in mortgatge bonds they bought to bail out AIG this week. Lack of sales of these bonds could drive interest rates higher in the short term.
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Intersting report. I have read here and there that mortgage rates are going to go up a lot in July.. it is difficult to know who has the correct crystal ball. What are your thoughts?