Mortgage Rate Update October 22, 2015

Mortgage rates are unchanged for the week.

Although there are a lot of story-lines buzzing around nothing seems to be making a meaningful impact in the interest rate markets.

Earlier today European Central Bank (ECB) President Mario Draghi made comments which are leading the markets to believe that the ECB may engage in further monetary stimulus.  The news is helping lift stock markets both here and across the Atlantic.

According to the National Association of Realtors existing home sales rose in September by a sharper than anticipated clip.  The report showed that on an annualized basis the US saw 5.55 million homes sale in September.  Tight supply continues to support prices across the country.  Median home prices in the western region of the report increased by 8.0% on a year-over-year basis.

From a technical perspective interest rates maintain at the best levels of the year.  I will maintain a locking bias.

Current Outlook: locking