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Mortgage Rates Remain Relatively Flat

Mortgage Rates Remain Mostly Flat

Mortgage Rates 

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Jun 5, 2014 

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By: Rachel Stults

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Mortgage rates for most home loans remained largely unchanged this week amid light economic news.

The average for a 30-year fixed-rate mortgage rose to 4.14%, up ever-so-slightly from 4.12% last week, according to the latest survey from mortgage buyer Freddie Mac. The popular loan averaged 3.91% a year ago.

The 15-year fixed-rate average climbed to 3.23% from 3.21% last week. It averaged 3.03% at this time a year ago.

Averages for hybrid adjustable-rate mortgages edged down slightly. The five-year ARM is now trending at 2.93% after being at 2.96% a week ago. A year ago, it averaged 2.74%. The one-year ARM dipped to 2.40% from 2.41% a week ago. It averaged 2.58% at this time last year.

“Mortgage rates were little changed amid a week of light economic reports,” Frank Nothaft, vice president and chief economist for Freddie Mac, said in a statement. “Of the few releases, real GDP was revised down to -1% growth in the first quarter of 2014. ADPResearch Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.”

Rates reached their lowest levels of the year last week, with averages for 30-year fixed-rate mortgages dropping to their lowest point since the end of October.

Looking ahead, experts predict the rates will hold steady. In the latest Mortgage Rate Trend Survey by Bankrate.com, 46% of the analysts polled believed averages would remain unchanged over the next week. About a quarter of analysts polled believed rates would rise, and another quarter said rates would decline.

“Economic news has been mixed as of late, which, if continued, should keep rates in check,” said Jim Sahnger, a mortgage planner with Schaffer Mortgage in Palm Beach Gardens, FL. “I don’t expect that the payroll reports should excite on Friday, so we may get back a little of what we gave up from the lower rates of late last week. Interest rates are still near the lows of the past 12 months.

“If you are thinking of purchasing a home, it’s a great time to capture lower rates,” Sahnger said. “If you are thinking of reviewing your existing mortgage to see if a lower rate would benefit you, look now. Don’t wait.”

Top 5 Reasons Why You Need a Realtor

Big Cat Poker Run ROARS into East County!

The Discovery Bay Big Cat Poker Run comes to town Aug. 16 and 17. The fundraising event is hosted by the Discovery Bay Lions Club and supported by local businesses and organizations.

An East County summer favorite, the Big Cat Poker Run comes to Discovery Bay Aug. 16 and 17. The two-day boating tour of the California Delta from Pittsburg to Stockton is hosted by the Discovery Bay Lions Club. All boaters are welcome to participate in the event that raises thousands of dollars each year for local charities.

“We’re looking forward to another great event,” said Lion Jim Mattison. “People love to come because it’s on the Delta. How can you lose?”  

The weekend fun begins Friday, Aug. 16 with a lunch run that leads boaters on a tour of the Delta. A welcoming party and registration event follows that evening. Saturday is the Poker Run with stops at Pittsburg and Stockton, allowing plenty of time to socialize, and it’s followed by a poker draw and party at the Discovery Bay Yacht Harbor that evening. The public is invited to attend. 

The event can also be experienced on land. Everyone can anchor at the mouth of Indian Slough to watch more than 90 boats blast off on Saturday at 9 a.m. 

The boater entry fee is $150 per person in advance; $175 per person at the event. Price includes one poker hand, event T-shirt and hat; Friday evening party; and Saturday poker run, breakfast, lunch and dinner at the Discovery Bay Yacht Harbor. 

For details and registration or sponsor information, visit www.bigcatpokerrun.com.

Read more: thepress.net - Big Cats roar into Discovery Bay 

Your Own Backyard!