Mortgage Rates Hit 17 Month High.
Rates are now well above 4% for the typical 30-year fixed-rate mortgage. The average hit 4.125% on Friday–the highest since July 2015, according to MortgageNewsDaily.com. That is more than half a percentage point higher from the average on election day.
Rates on 30-year fixed mortgages move in tandem with the 10-year Treasury yield, which was 2.34% on Friday afternoon; it was just 1.88% on Nov. 8th.
For the week of November 11th the Mortgage Applications have fell more then 9% across the country.
Now that we know the bad news / Whats the Good News?
Yes Interest Rates are on the Rise. With saying this though we are still in the Historical Lows. You can still get a mortgage in the 4's,. Of course this depends on where you fall in the spectrum with credit, DTI, LTV and the type of loan. This isn't a time for panic. This is Just what we are faced with.
I have been in the business for a lot of years now. I have seen shifts all of the time and I study what is going on in the Country. Interest Rates are Directly driven off of the 10 year Treasury. This is the number 1 indicator with Mortgage Rates USUALLY. Like anything else this isn't always right.
I have been asked a lot lately by not only my team but also the Realtors I work with. Everyone needs to not panic. Even though this is a little higher then what we are use to, we still see a rise in interest rates at this time of year. I think at this point if we continue to see a rise of interest rates, then we are going to see a decrease in values. A little bit. We are not ion a 08. This I can assure you.
It's time to educate our borrowers. It's time to brush up on our closing skills. This is not going to go away any time soon. We may never see interest rates that low any longer.
Please feel free to call me ( Robert Krowel ) with any questions
Robert Krowel
951.756.3748
In the USA, Veterans Day annually falls on November 11. This day is the anniversary of the signing of the armistice, which ended the World War I hostilities between the Allied nations and Germany in 1918. Veterans are thanked for their services to the United States on Veterans Day.
Veterans Day is intended to honor and thank all military personnel who served the United States in all wars, particularly living veterans. It is marked by parades and church services and in many places the American flag is hung at half mast. A period of silence lasting two minutes may be held at 11am. Some schools are closed on Veterans Day, while others do not close, but choose to mark the occasion with special assemblies or other activities.
Observance
Veterans Day is officially observed on November 11. However, if it falls on a week day, many communities hold their celebrations on the weekend closest to this date. This is to enable more people to attend and participate in the events. Federal Government offices are closed on November 11. If Veterans Day falls on a Saturday, they are closed on Friday November 10. If Veterans Day falls on a Sunday, they are closed on Monday November 12. State and local governments, schools and non-governmental businesses are not required to close and may decide to remain open or closed. Public transit systems may follow a regular or holiday schedule.
History
On the 11th hour of the 11th day of the 11th month of 1918 an armistice between Germany and the Allied nations came into effect. On November 11, 1919, Armistice Day was commemorated for the first time. In 1919, President Wilson proclaimed the day should be "filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory". There were plans for parades, public meetings and a brief suspension of business activities at 11am.
In 1926, the United States Congress officially recognized the end of World War I and declared that the anniversary of the armistice should be commemorated with prayer and thanksgiving. The Congress also requested that the president should "issue a proclamation calling upon the officials to display the flag of the United States on all Government buildings on November 11 and inviting the people of the United States to observe the day in schools and churches, or other suitable places, with appropriate ceremonies of friendly relations with all other peoples."
An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) was approved on May 13, 1938, which made November 11 in each year a legal holiday, known as Armistice Day. This day was originally intended to honor veterans of World War I. A few years later, World War II required the largest mobilization of service men in the history of the United States and the American forces fought in Korea. In 1954, the veterans service organizations urged Congress to change the word "Armistice" to "Veterans". Congress approved this change and on June 1, 1954, November 11 became a day to honor all American veterans, where ever and whenever they had served.
In 1968 the Uniforms Holiday Bill (Public Law 90-363 (82 Stat. 250)) made an attempt to move Veterans Day to the fourth Monday of October. The bill took effect in 1971. However, this caused a lot of confusion as many states disagreed with this decision and continued to hold Veterans Day activities on November 11. In 1975, President Gerald R. Ford signed Public Law 94-97 (89 Stat. 479), which stated that Veterans Day would again be observed on November 11 from 1978 onwards. Veterans Day is still observed on November 11.
Thank you for your service.
Robert Krowel