RATE MARKET UPDATE FOR NAPLES, FLORIDA

By
Real Estate Mortgage Broker with Core Mortgage Financial

 

MARKET UPDATE FOR NAPLES FLORIDA

 Rates and oil prices rose as the stock market rallied. We continue to warn that the markets will be volatile. At least for now, these markets will continue to move in tandem. We think the gradual recovery may temper any strong recovery in oil prices or rates. However, they will not be immune from spikes. For now, the markets seem to agree with the Fed that recovery is on the horizon. It is slow to get here and may be crawling, but we all look forward to positive growth. Speaking of growth, the first snapshot of the second quarter of the economy is right around the corner and any surprise could add to volatility.

The Markets

Rates continued down this past week, however, these numbers do not fully reflect the market activity of the latter part of this week. Freddie Mac announced that for the week ending July 16, 30-year fixed rates averaged 5.14%, down from 5.20% the week before. The average for 15-year fell to 4.63%. Adjustables were mixed with the average for one-year adjustables falling to 4.76% and five-year adjustables increasing slightly to 4.83%. A year ago 30-year fixed rates were at 6.26%."Average fixed-rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June.," said Frank Nothaft, Freddie Mac vice president and chief economist."For a 30-year fixed loan, the rate reduction over the past five weeks translates into a monthly payment reduction of $56 on a $200,000 loan. The latest economic reports were influenced by recent energy-cost movements. Although higher gasoline prices fueled a 0.7 percent monthly jump in the consumer price index for June, the index was down 1.4 percent from June 2008 and represented the largest 12-month drop since January 1950."

Current Indices For Adjustable Rate Mortgages
Updated July 17, 2009

Index / Value As Of:

July 10

June

6-month Treasury Security

0.27%

0.30%

1-year Treasury Security

0.47%

0.50%

3-year Treasury Security

1.46%

1.39%

5-year Treasury Security

2.33%

2.13%

10-year Treasury Security

3.44%

3.29%

12-month LIBOR

 

1.677% (May)

12-month MTA

 

1.051% (May)

11th District Cost of Funds

 

1.832% (Apr)

Prime Rate

 

3.250% (Dec)

 

Posted by

CORE Mortgage Financial

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