Current interest rates are:
4.02% - average rate for a 30-year fixed rate mortgage
3.20% - average rate for a 15-year fixed rate mortgage
Last weeks underwhelming economic reports likely had a lot to do with the rate drops, even as inflation inched upward. Despite our less than stellar news, economic matters are much more shaky in Europe which is keeping investors interested in U.S. Treasuries and mortgage backed securities.
This week there isn’t as many influential economic reports – stocks and Europe are like to have more of an affect on rates next week. Below is n overview of this week's most important economic reports.
Thursday: Initial Jobless Claims
Thursday: Consumer Sentiment report for May
Friday: Producer Price Index (PPI)
The results of the Producer Price Index will likely quiet talk of increasing inflation for at least a while. Experts predicted there would 0.2% rise, but the report found a 0.2% decline. There was more good news in the Consumer Sentiment index, which climbed to 77.8. That’s the highest it’s been in more than 4 years.
The Initial Jobless Claims report was also positive this week showing fewer people were on unemployment benefits was down 1,000 to 367,000.
The Homes.org mortgage team is predicting that mortgage rates will stay flat this coming week for 30 year fixed-rate mortgages and will possibly drop 1 to 2 basis points for 15 year fixed-rate mortgages.
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
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