Mortgage Rates Dropping Again This Week – Home Buyers Taking Advantage

Graph of 10-year Notes

(Best Syndication News) Mortgage interest rates decreased again last week as application volume continued to rise (see the mortgage rate charts below). The low rate has prompted an increase in refinancing and home buying.

Last week the national average rate dropped 13 basis points (bps), but on Monday that conventional mortgage rate dropped another three bps to 4.207 percent. The average FHA rate slipped 15 bps while the average VA loan rate dropped 13 bps. This followed a 50+ point upward trend over the last 100 days.

Mortgage Rates Mixed This Week with FHA and Jumbo Loans Dropping

Graph of 10-year Notes

(Best Syndication News) Mortgage interest rates were slightly higher today, but jumbo and FHA fixed rates fell (see the mortgage rate tables below). Consumer credit expanded in July, according to data released by the Federal Reserve, but less than forecast.

The average 30-year fixed rate mortgage (FRM) jumped one basis point to 4.418 percent on Tuesday, but the average FHA loan rate fell two basis points (bps). VA mortgage rates jumped another four points in one day.

Interest rates have been trending higher over the last month and 100-day period. Uncertainty surrounding the central bank’s easing programs pushed stocks lower but put upward pressure on mortgage rates. The average FHA mortgage rate is 103 basis points higher.

FDA announces Product Safety Recall for MOTRIN Infant Drops

FDA announces Product Safety Recall for MOTRIN Infant Drops

Best Syndication News - The U.S. Food and Drug Administration announced that McNeil Consumer Healthcare has voluntarily recalled certain lots of Concentrated MOTRIN Infants’ Drops Original Berry Flavor. About 200,000 bottles are involved in the recall, but only three lots of the ½ fluid ounce bottles are involved.

The recall was announced when the company discovered 1 mm sized plastic particles in a different product lot that was being manufactured and has not been shipped. McNeil believes that the plastic pieces came from a third party supplier of ibuprofen, which is an ingredient used to make their product. Out of extreme safety measures, McNeil Consumer Healthcare has decided to recall three lots of Concentrated MOTRIN Infants’ Drops Original Berry Flavor ½ fluid ounce sized bottles, because these lots also used the same batch of ibuprofen.

Mortgage Rates Edge Higher on Improved Economic Conditions

Graph of 10-year Notes

(Best Syndication News) Mortgage interest rates continued to increase on expectations that the Federal Reserve will slow their stimulus programs. The same pressure has put downward pressure on the Dow Jones Industrial Average (INDEXDJX:.DJI) since the August 2nd high of 15,658.

Freddie Mac said the average 30-year fixed rate mortgage jumped 0.7 basis points (bps) this week. Their Primary Mortgage Market Survey® (PMMS®) indicated that rates have been trending higher since April (see the graph). The current 30-year fixed-rate mortgage (FRM) averaged 4.57 percent.

Mortgage Rates Trending Lower Again after a Monthly Upswing

Graph of 10-year Notes

(Best Syndication News) Mortgage interest rates dropped three days in a row after a long-term upward trend (see the mortgage rate and benchmark charts below). Shaky investor confidence as the Federal Reserve considers tapering down their easing programs has pushed up the price of government securities driving yields lower.

The average 30-year conventional rate fell two basis points (bps) on Tuesday (see the mortgage rate chart below). Over the last 5-day period the average rate has fallen 10 bps; however the 30-day and 100-day trends were higher.

Wells Fargo & Co (NYSE:WFC) held their conventional rates unchanged, but did lower their 30-year fixed rate mortgage 13 basis points in certain areas.

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