Maureen Megowan's Blog

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Interest Rates Ease a bit this week

Interest rates for buying a home on the Palos Verdes Peninsula moved up this week to levels not seen since May of this year.The following are excerpts from the newsletter on interest rates published by HSH Associates :

 

"This week, a small multi-week rise for mortgage rates proved unsustainable, and after rates rose by about an eighth of a percentage point over that time, they drifted back a little this week. Even though the cumulative rise was small, it does serve as an important reminder to borrowers that we are likely to see somewhat more volatility in rates this fall than we did for a good bit of the year.

While that volatility is more likely to be seen after the Fed's QE program comes to an end next month, we may see bumps and blips related to pieces of economic or political news. Some of that may come from here or from abroad; this week we saw a bit of mixed bag, so interest rates leveled off. 

 

 

 

 

 

After a brutal first quarter of 2014, the economy had a breakout rebound in the second. The final estimate of Gross Domestic Product growth for the second quarter found a 4.6 percent gain in output for the period, a level which puts it among the best quarters of the recovery. GDP growth is only modestly positive for the first half of the year, though, averaging 1.24 percent. Indications are that GDP in the third quarter will fall back from second quarter levels, probably dropping closer to a hopefully sustainable level of perhaps 3 percent or so

 

A busy week on tap next week, as we'll see both end of and first of the month data, a veritable smorgasbord of information to push markets around: Personal incomes and spending, the twin ISM reports, auto sales, construction spending, consumer confidence and the aforementioned employment report. Rates backed off a little this week, but our best guess at the moment is that the slew of data keeps them level or even adds a basis point or two by the time the week is through.."

 

 

The following are interest rate quotes from American California Financial:

 

30 Yr Fixed FHA

Rate

APR

 

       

3.625

5.273

Details

       

 

Conforming 30 Yr Fixed up to $417000

Rate

APR

 

       

4.250

4.372

Details

       

 

Conforming Jumbo 30 Yr Fixed $417001 - $625500

Rate

APR

 

       

4.375

4.486

Details

       

 

Jumbo 30 Yr. to $1.5 Mil

Rate

APR

 

       

4.250

4.345

Details

       

 

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)

Rate

APR

 

       

3.375

3.154

Details

       
 
             
             

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 2 commentsMaureen Megowan • September 26 2014 07:07PM

Comments

Maureen, thanks for catching me up on mortgage rates.  They are a bright spot for those seeking a loan.

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) about 4 years ago

Need a Palos Verdes Estates, CA Real Estate Agent with Remax? Call Maureen Megowan at (310) 541-6416.

Posted by Will Nesbitt, Nesbitt Realty is a family-run brokerage. (Nesbitt Realty at Condo Alexandria) about 4 years ago

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