Mortgage interest rate trends and Market session news review today June 24, 2013:
Current mortgage rate trend-lines are inching forward across the U.S. Rates are likely to move higher still in the wake of Federal Reserve Chairman Benjamin Bernanke’s policy based statements last week.
Chairman Bernanke relayed that given continued and sustainable economic improvement, economic stimulus measure reductions could occur as early as this fall. He assured that the central bank does not plan on raising interest rates soon, but the improving economy and job market will likely push mortgage interest rates higher. As a result of the mortgage rate incline in the U.S., mortgage applications have dropped. According to the Mortgage Bankers Association, loan application volume was down by over 3 percent for the week ended June 14.
This market week in the U.S. is a busy one with many economic indicators posting. The economic trends should give the mortgage rate sector further direction. Despite the recent rate rise, mortgage interest rates still remain relatively low.
Current Mortgage Interest rate review Data:
According to Freddie Mac’s most recent mortgage market survey, the interest rate on the 30 year fixed loan posts at 3.93 percent. The 15 year fixed rate posts at 3.04 percent at this time.