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Advantage Mortgage Consulting Award Ceremony 2005

Mortgage rates today, November 12, 2018, plus lock recommendations

Financial data affecting today’s mortgage rates

We are looking at a mixed bag of financial data — the most important being stocks, oil and Treasuries. Two of the three are coming up good for rates.

Major stock indexes  opened lower (good for rates) Gold prices fell $7 to  $1,204 an ounce. (That is bad for mortgage rates. In general, it’s better for rates when gold rises, and worse when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to push rates lower) Oil prices  rose $2 to $61 a barrel (bad for rates because energy prices play a large role in creating inflation) The yield on ten-year Treasuries  fell 3 basis points (3/100th of 1 percent) to 3.19 percent.

Higher mortgage rates rein in buying power

With mortgage rates increasing at a slow but steady pace this year, several real estate organizations say buyers entering the market are likely to encounter diminished purchasing power.

While continued growth in median home prices in recent years has presented an affordability challenge for buyers and increased competition for listings with lower asking prices, mortgage rates have generally stayed at historic lows. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage held around 3.5 percent for much of 2016 and between 3.8 percent and 4 percent for the majority of 2017.

In 2018, the average rate has climbed from 3.95 percent on Jan. 4 to 4.86 percent on Oct. 25. This is the highest weekly average rate since April 14, 2011.

"We expect rates to continue to rise, which will put downward pressure on homebuying activity," said Sam Khater, chief economist at Freddie Mac. "While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition."

Advantage Florida Mortgage would like to know how many days can the approval process take?

Advantage Florida Mortgage would like to know how long does the approval process take?

Approval process today takes prox., 2 weeks, or from 10-14 working days. Banks taking there times today. Good Luck!