Sep 01, 2014

August 2014 Mortgage Interest Rates

- originally posted August 1, 2014 -

Rates have held pretty stable through the month of July. Just more of the typical ups and downs we've seen for months now. FHA Fixed rate loans are hoving near 4%, and 15 year fixed conventional loans are coming in around 3.5%.
 

The economic numbers that affect mortgage interest rates have also been 'pretty consistent' over the same time period. Because we've been in that steady zone for awhile, it has been challenging to get a better feel for where the economy is headed. Unemployment claims have fortunately been down, but most of the jobs that have been created in recent months were largely part-time positions. Not the kind of jobs that are high-wage or good income producers. More good news is that we haven't seen inflationary pressures mounting yet, but it remains a growing concern, especially for long-term interest rates.
 

Blockbuster amounts of data are coming out the beginning of August, as is more feedback and 'minutes' from the July 30th Federal Open Market Committee meeting.  Could be trouble brewing for interest rates, but I'm deliberately not saying much, until all of that information is released and digested. Stay poised for revisions to this report after the first week of August 2014, when the data gets sorted out. 
 

If you're loan is currently in process, it would be wise to lock the rate!  Stay tuned for more updates.

Till Next Month,

Michael Dagner

Michael Dagner is a real estate professional in Denver, Colorado.