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Rates On The Rise

By: Grant Moon 02/20/15 12:05 pm

Freddie Mac reported yesterday in their weekly mortgage survey that mortgage rates increased for two weeks in a row. VA loan rates are similar to those offered with conventional loans although with a bit of shopping around you should be able to find rates lower than these averages. According to Freddie, the 30 year fixed rate averaged 3.76%, up from 3.69% the previous week. Prior, the rate came in at 3.59%. The 3.76% rate is the highest so far in 2015.

There has been some cautious optimism for stocks here in the States as well as overseas. The European Central Bank introduced a new round of stimulus beginning next month to the tune of around $75 billion in ECB purchases. Investors are thinking this new quantitative easing program will bring the collection of European economies to a firm recovery.

The Fed released their minutes from their most recent meetings and while no Fed board member voted to raise any rates their comments were a bit more accommodating to bond holders, saying the Fed will continue to be patient as it relates to any rate move. There will be one more round of FOMC meetings before the June sessions, which some are expecting the first Fed rate increase in nearly nine years. For those who are waiting for interest rates to sink further may very well be disappointed.

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