ABBA First will keep an eye on the Middle East and how it may affect our rate environment. Concerns abound as we see the first air strike of Syria and the unrest becomes war! Sadly, this typically has a direct correlation on the markets with rates being poised to improve as US Treasury bonds tick up in price.
Last week the Markets
• Fixed rates ticked up slightly last week, but remained near their lows for the year.
• Freddie Mac announced that for the week ending September 11, 30-year fixed rates rose slightly to 4.12% from 4.10% the week before.
• The average for 15-year loans also ticked up slightly to 3.26%.
• Adjustables rose slightly as well, with the average for one-year adjustables moving up to 2.45% and five-year adjustables increasing to 2.99%.
• A year ago 30-year fixed rates were at 4.57%.
• Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans were up slightly this week, following the increase in 10-year Treasury yields, despite last week’s disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month.”
Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.