• Blog
  • Video Library
  • Reviews
    • Our Reviews
    • Additional Testimonials
    • Review Us

David Bailey

David and Erika Bailey Mortgage Professionals

  • Home
  • About Us
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Loan Programs
    • First Time Home Buyers
    • Home Ready 97 Loan Program
    • VA Loan Programs
    • FHA Loan Programs
    • Conventional 97 Loan Program
  • Get Pre-Approved
  • Contact

What’s Ahead For Mortgage Rates This Week – November 13th, 2018

November 13, 2018 by David Bailey

What’s Ahead For Mortgage Rates This Week – November 13th, 2018Last week’s scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued.

FOMC: Fed Target Rate Unchanged, but Expected to Rise in December

The Federal Open Market Committee of the Federal Reserve announced that it did not raise the target federal funds rate but set the stage for raising the benchmark rate n coming months. The current range for the Fed rate us 2.00 percent to 2.00 to 2.25 percent. The Fed expects to increase rates three times in 2019 provided that strong economic conditions prevail.

FOMC members watch inflation, financial markets and domestic and global news to determine how or if to adjust the Federal Reserve’s target interest rates range.

Although FOMC releases projections based on current events and financial developments, changes to financial markets or global events could cause the Fed to hold off on raising interest rates.

Mortgage Rates, Hit Seven-Year High, New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates that pushed current mortgage rates to their highest levels in seven years. Rates for a 30-year fixed rate mortgages rose 11 basis points to an average of 4.94 percent; 15-year fixed rate mortgage rates averaged 4.33 percent, which was ten basis points higher than the prior week.

Rates for a 5/1 adjustable rate rose by 10 basis points to an average of 4.14 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell by 1000 new claims to 214,000 new claims filed. Analysts expected 210,000 new claims filed based on the prior week’s reading of 215,000 first-time jobless claims filed.

What‘s Ahead

Next week’s economic reports include readings on inflation, retail sales and weekly reports on mortgage rates and mortgage rates.

Financial Reports Tagged: Financial Reports, Interest Rates, Mortgage Rates

Erika and David

Contact Us


David and Erika Bailey
Mortgage Professionals

Creating Clients for LIFE!
The Mortgage Outlet
David 631.589.3600
Erika 631.767.8944
David NMLS #3458 • Erika NMLS #217190

The Mortgage Outlet
FREE RATE QUOTE →

Sign Up For Our FREE Newsletter!

Connect with Us

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Quick Links

  • Leave a Review
  • Accessibility Statement
  • Privacy Policy
  • Contact
Equal Housing Lender
NMLS Consumer Access
The Mortgage Outlet, NMLS # 36861 is a registered mortgage broker with the NYSDFS. All loans are arranged through third party providers. Office located at 280 West Main Street Sayville New York 11782

Categories

Looking For Something?

Our Location


The Mortgage Outlet
280 West Main Street
Sayville, NY11782

Copyright © 2023 David Bailey  ·  All rights reserved   ·   Log In