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Tampa Mortgage Rates Update – March 19, 2010

Clearwater Florida – Just a quick update on Tampa Mortgage rates from Freddie Mac. The 30-year fixed-rate mortgage averaged 4.96 percent this week up slightly from last week when it averaged 4.95 percent. Last year at this time, the 30-year fixed-rate mortgage 4.98 percent.”Mortgage rates for fixed-rate mortgages were virtually unchanged this week as the effects of the prior storms emerged in recent housing data,” said Frank Nothaft, Freddie Mac vice president and chief economist.

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Tampa Mortgage Rates Update – March 2010

Clearwater Florida – Just a quick Tampa Mortgage rates update from Freddie Mac. Looks like 30-year fixed rate mortgages are averaging 4.95% this week. Last week those same rates were 4.97%, but that is still down from last year at this time when those same rates averaged 5.03% and from last month when the rates were at 5.01%.

Frank Nothaft, Freddie Mac vice president and chief economist says “During a light week of mixed economic reports, mortgage rates eased somewhat.”

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Freddie Mac

Jack and Cyndee Haydon
Charles Rutenberg Realty
1545 S. Belcher Road
Clearwater, FL 33764
Jack Cell: 727-710-8036

Cyndee Cell: 727-710-8035

See What a Customer Says About Us:

Client Videos

Search for homes here:

Clearwater Beach Florida Real Estate

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Latest Update on Home Mortgage Rates

Clearwater Florida – Just a quick Tampa Mortgage  rates update for you from Freddie Mac. Looks like 30-year fixed rate mortgages are averaging 5.01% this week. Last week those same rates were 4.98%, but that is still down from last year at this time when those same rates averaged 5.25%. Freddie Mac says the strengthening housing market gets credit for these low rates.

In addition, Freddie Mac says the Federal Reserve reports banks have generally stopped tightening standards on most types of home loans.

See Full article: Freddie Mac

 

Jack Haydon
Charles Rutenberg Realty
1545 S. Belcher Road
Clearwater, FL 33764
Cell: 727-710-8036

See What a Customer Says About Us: Client Videos  

Search for homes here: Clearwater Beach Florida Real Estate

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About Cyndee Haydon

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Here's Why Tampa Mortgage Rates Are Up Over 1.125 Percent In 10 Days

Tampa Mortgage Rates Rising

Clearwater Florida – If you are in the market to buy a Clearwater Beach Condo or Tampa Bay home you’ve probably noticed that since Memorial Day, conforming Tampa mortgage rates have jumped by more than 1.125 percent, adding thousands of dollars to the annual cost of home ownership.
Non-Farm Payroll Report June 2009
To the casual observer, the moves may seem random.  However, you may not realize there is a reason this is happening and it all starts with inflation.
As an economic force, inflation erodes the value of the U.S. Dollar.  Left unchecked, it drives up the Cost of Living as each dollar “buys less” at the supermarket, gas station, or anywhere else.

But with respect to local home mortgage rates, inflation’s impact is more immediate.  Because inflation devalues the dollar over the long-term, it renders long-term mortgage bonds a less attractive investment for traders. 

If bond investors are repaid in U.S. Dollars, after all, it would make the investment worth less if the dollar is in an inflationary freefall. 
Therefore, in situations when inflation is likely to present, we find that traders often sell out of their mortgage bond positions which, in turn, drives down the bond prices.  Then, because bond yields move in the opposite direction of bond prices, rising rates are the inevitable result.
Lately, Wall Street is fearing inflation for a number of reasons:

  1. Job losses are slowing, adding to consumer spending expectations
  2. Gas prices have risen 41 days in a row
  3. The federal government is increasing the money supply

These 3 factors — plus a few others — are all coming to a head around the same time and traders are getting defensive with their portfolios.  As a result, they’re selling their mortgage bond positions and it’s driving mortgage rates higher.
Rates may continue to trek toward 7 percent through July and August, or they may retreat toward 5 percent.  We can’t know for sure.  What we can know, though, is that volatility in rates should continue until the economic picture gets more clear. That could be next week, or next year.
For now, be ready to lock your home loan at a moment’s notice. Tampa Mortgage rates and rates around the country are changing quickly.

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In Clearwater Florida Over 24 Hours saw Tampa Mortgage Rates Shoot Higher

The Ying and Yang of Clearwater Tampa Mortgage Rates

Clearwater FloridaTampa Mortgages:  Rates go up, Mortgage rates go down – it seems we’re living with the constant Ying and Yang of the mortgage and Clearwater real estate market.  If you’re one of the lucky ones, you’ll catch them while they’re down and while they last.Iniital Jobless Claims May 21 2009

After Wednesday’s mortgage market rally drove rates down by a bunch, Thursday’s sell-off pushed them right back up.

This has been a common pattern in the skittish world of mortgage rates this year.

With the U.S. economy still teetering between recession and growth, markets are looking for signals anywhere it can find them – mortgage markets and real estate markets are no different.  Thursday’s clue came from a government report showing that more Americans are collecting unemployment benefits than at any point in history.

Strangely, mortgage rates rose on the news.

We call it “strange” because weak economic data has tended to draw mortgage rates lower lately to the benefit of prospective home buyers and would-be refinancers. Lower rates make Clearwater homes more affordable.

Thursday, though, the pattern broke.

Why Did Mortgage Rates Rise Today in Clearwater and Tampa?

The main reason why Florida mortgage rates rose Thursday isn’t because of the employment report or any other piece of data.  Rates rose Thursday for the same reason that they had dropped the day prior — the Federal Reserve.

On Wednesday, the released minutes from the Fed’s last meeting suggested that the group might make a larger mortgage market intervention.  On Thursday, in the face of worsening jobs data, markets bet the Fed wouldn’t.

Clearwater – Tampa Mortgage rate shoppers and home buyers, unfortunately, got caught in the crosshairs.

Rates can — and do — change quickly, without warning.  And, thus far this year, the changes have been extra sudden.  This is one reason why it’s often prudent to lock your Clearwater Tampa mortgage rate as soon as you find one that’s agreeable.  Wait too long, and it could be gone.

Expect more volatility today with traders leaving early for Memorial Day Weekend.  Less volume means more chances for rates to change.

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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.

About Cyndee Haydon

Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile

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