What's Ahead For Mortgage Rates This Week - August 12, 2013

12.08.13 03:52 PM By Paul Cantor

What's Ahead For Mortgage Rates This Week - August 12, 2013Mortgage bond prices ended last week a little higher than a the start of the week, resulting in slightly lower mortgage rates.  According to CoreLogic, U.S. home prices increased at their fastest pace since February 2006. Mortgage rates rose incrementally, and the Weekly Jobless Claims report came in lower than the expected 339,000 at 333,000 new jobless claims. The four week rolling average for new jobless claims decreased by 6250 to 335,000. This was the lowest reading for the four-week rolling average since November 2007. Freddie Mac's weekly report on mortgage rates brought not-so-good news; the average rate for 30-year fixed rate mortgages rose by one basis point to 4.40 percent, while the average rate for a 15-year fixed mortgage was unchanged at 3.43 percent. The average rate for a 5/1 adjustable-rate mortgage rose by one basis point to 3.19 percent. What's Coming Up This week's economic news includes the federal budget for Monday. Retail Sales and Core Retail Sales will be reported on Tuesday; the Producers Price Index (PPI) and Core PPI will be out on Wednesday.

Economic Calendar, August 12 - August 16, 2013

econ08122013

Mortgage rates remain very attractive compared to historical levels and it is still a great time to consider a home purchase or refinance.