Mortgage Rate Update November 17, 2014

Mortgage rates are unchanged from last Thursday.

It’s been a recurring theme over the past couple months here on ‘rate update’.  The US economy appears to be on firm footing which would normally pressure rates higher but international influences continue to support a low interest rate environment.

Earlier today Japan reported that their economy contracted by 1.6% during the 3rd quarter.  In the 2nd quarter the Japanese economy contracted by 7.3%.

European Central Bank (ECB) President Mario Draghi said the ECB is ready to employ additional monetary stimulus should their economies remain weak.

Meanwhile, here in the US the stock market is looking a little over-cooked as I pointed out in last Thursday’s ‘rate update’.  The technical outlook for the US stock market does not look encouraging in the near-term which bodes well for mortgage rates.  I will maintain a floating position.

Current Outlook: floating