FHA Interest Rates Open Below 5%

Another interest week as mortgage rates have a lot of information—in a very compressed holiday week.

• Today:  Existing Home Sales, Up 10%+.  Homes are selling!!
• Tuesday:  Consumer Confidence, Home Price Index, Fed Minutes
• Wednesday:  New Home Sales, Personal Income and Outlays

The events that would cause the FHA loan rate to go up are more likely than the events that would cause mortgage rates to go down.

That said, the probabilities favor rates heading up towards the end of the week.  Expectations have been driven lower that consumers won’t be out and shopping on Black Friday.  If there’s a pulse in retail on Friday, the low volume in trading in the markets could cause high volatility to interest rates.

We come into the week with no points below 5% and a .5% discount fee to get that rate all the way down to 4.75% for the FHA 30 Year Fixed.   Stay tuned as this week could be interesting.