Mortgage interest rates ticked up this week ending 9/20/19/19

Mortgage interest rates for buying a home on the Palos Verdes Peninsula ticked up this week ending 9/20/19/19. The following are excerpts from the newsletter on interest rates published by HSH Associates :

” As expected, the Federal Reserve cuts its key short-term benchmark rate by 25 basis points, leaving the federal funds rate in a range of 1.75% to 2 percent. The move was widely anticipated by markets, and so there was no specific associated reaction by stocks or bonds.This week, mortgage rates ticked rather higher, with the 30-year FRM as reported by Freddie Mac spiking 17 basis points, and that on top of a 7-basis point rise the prior week. With the move, rates have moved back up to early August levels, and while this should not have much undue effect on home buyers, it most definitely damp refinancing activity.l”

“The spike in market interest rates that started late last week and continued into early this week has leveled off and perhaps even faded a little bit. The Fed meeting now past and the expected trim in the Fed funds rate in the books, it’s now back to watching incoming data to see of conditions are improving or worsening. If all remains pretty quiet on the trade front for a bit, the general global business climate may improve somewhat, or at least sentiment about business prospects will.A fairly busy calendar of economic data is due out next week, so there will be plenty to chew on. Last week, we hedged a bit and undershot the expected increase in the 30-year fixed rate mortgage, expecting a faster softening of the leap in rates. Although we see some signs that the bump is now fading a bit, it seems to us that we won’t see much downward change in mortgage rates, but we do expect perhaps a decline of a couple of basis points or so in the average conforming 30-year fixed rate mortgage that Freddie Mac will report next Thursday morning.”

The following are interest rate quotes from John :Alvin of American California Financial Services, Inc. :