Friday’s Employment Situation Report caused mortgage loan rates to drop suddenly on Friday thanks to unexpected results from that report--it surprised many that the results were weaker than anticipated. The jobs data resulted in a drop in mortgage rates which is common in such cases--oftentimes, news that’s bad for the economy can mean good thing for mortgage interest rates.

Many industry professionals are looking to the trends in Economic Situation Reports (current and future) to help them get a handle on where mortgage rates could be headed in the future. It’s far too early to tell what may happen to interest rate trends in 2014, so today’s drop in rates shouldn’t be viewe so much as a prediction of things to come, but more like a “temperature check” of things are the given moment.

Just one Situation Report isn’t enough to be able to predict where mortgage markets might be headed long term in 2014--it will take several reports to identify trends where they might exist.
Those who are unsure about apply for a VA refinance loan or a new purchase VA home loan in the short term might do well to compare rates and terms now, rather than hoping for an extended rate drop--there’s just not enough data to know which way markets are headed--in fact, some market watchers believe current downward movement could be short-lived.

Here are the VA mortgage loan rates for Friday January 10 2014. These rates are listed as “best execution” rates--they are not available from all lenders or to all VA borrowers. An applicant’s  FICO scores, loan repayment history and other credit factors will play a determining factor in access to these mortgage loan rates. Your experience may vary from lender to lender.

30-year fixed rate mortgages: Between 4.5% and  4.625%
FHA mortgage loans: 4.25%
VA mortgage loans: 4.25%
15-year fixed rate mortgages: 3.5%
Five-year adjustable rate mortgages (ARM loans): Between 3.0% and 3.50% depending on the lender

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