Earlier this morning the Commerce Department released their November Consumer Price Index statistics for November. The data showed inflation pressures on Main Street remain benign. The month-over-month rate of overall inflation was unchanged and the so called “core rate”, a value which excludes the more volatile food and energy prices, posted a modest 0.2% gain last month. Mortgage investors gave this report little more than a passing glance.
Looking ahead to next week Uncle Sam will be in the credit markets from Monday through Wednesday looking to borrow a total of $99 billion in the form of 2-, 5- and 7-year notes. Mortgage investors will likely pause just a moment to take a look at Wednesday’s Existing Home Sales figures, and Thursday’s final guesstimate of third-quarter Gross Domestic Product. The very few traders still at their desk on Friday will probably barely notice the November Personal Income and Spending and New Home Sales figures before racing out of the door to get an early start on the three-day Christmas Holiday. The mortgage market will close early at 2:00 p.m. ET on Friday and will remain closed on Monday, December 26th.

Mortgage Rates as of Friday December 16, 2011 ( purchase transactions )
30 day rate locks, subject to credit score and loan to value edits

30 year fixed 3.75%

30 year fixed rate 3.75%
15 year fixed rate 3.25%

5/1 ARM 2.875%

7/1 ARM 3.125%

For mortgage questions, contact Bob Strandell.

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