Mortgage Update January 31 2017

“Lower Stock price to begin the week are pushing Bond yields lower, while stabilizing the recent increase in mortgage rates.

In today’s economic news, home price gains remain steady, while consumers were less confident about the U.S. economy.

I will continue to recommend carefully floating. If anything changes, I will get back to you.”

Mortgage Update January 30 2017

“After several weeks of lower borrowing costs, mortgage rates edged higher last week, though still remain historically attractive.

In today economic news, consumer spending and incomes came in near expectations, while Pending Home Sales in December were just above estimates.

I will continue to recommend floating. However, there are several reports this week that could impact the markets as well as this week’s two-day Federal Open Market Committee meeting.

Have a great week!”

Mortgage Update January 27 2017

“Weaker than expected economic growth in the final quarter of 2016 is giving Bond prices a modest boost so far this morning.

The report comes after Freddie Mac reported that mortgage rates edged higher this week.

I am recommending carefully floating as the week comes to an end. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update January 26 2017

“Following yesterday’s report on higher mortgage rates from the Mortgage Bankers Association, Freddie Mac reports that the 30-year fixed conventional mortgage rate, $424K or less, also rose this week.

In economic news, New Home Sales in December unexpectedly declined from November due in part to higher mortgage rates and increasing home prices.

I am recommending locking until such time I can see stabilization in Mortgage Bond prices and rates. If anything changes, I will get back to you.”

Mortgage Update January 25 2017

“Mortgage rates edged higher in the latest week as Bond prices moved lower, which caused yields to move higher. There were no economic reports due for release today. I am recommending carefully floating as Mortgage Bond prices seem to be stabilizing. If anything changes, I will get back to you.”

Mortgage Update January 24 2017

“Mortgage rates continue to hover just below the post-election highs as Stock prices trade sideways to lower after hitting record highs earlier this month.

In housing news, December Existing Home Sales came in below expectations, though November’s numbers were revised higher.

I will continue to recommend carefully floating, but I am concerned that Mortgage Bond prices seem to be stalling at current levels.

If anything changes, I will get back to you.”

Mortgage Update January 23 2017

“Mortgage Bond prices are higher to start the week, while the major Stock indexes are lower as investors look to take some profits after Friday’s inauguration.

There were no economic reports released today. Mortgage rates edged lower in the latest survey after surging higher once the presidential election results were delivered in early November.

I will continue to recommend carefully floating, but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update January 20 2017

“Mortgage Bond prices have pushed lower in recent days while yields have edged higher, which could lead to slightly higher mortgage rates.

There are no scheduled releases on U.S. economic data today.

After the recent decline in Mortgage Bond prices, I am recommending carefully floating. If anything changes, I will quickly get back to you. Have a great weekend!”

Mortgage Update January 19 2017

“Freddie mac reported on Thursday that mortgage rates edged lower this week, but given the rise in yields and decline in Mortgage Bond prices in the past few days, rates could edge higher.

A rash of better-than-expected economic data this morning from housing, manufacturing and the labor markets could put upward pressure on mortgage rates.

I will continue to recommend locking until such time I can see clear signs of stabilization in Mortgage Bond prices, which have declined in the past few trading days. If anything changes, I will get back to you.”

Mortgage Update January 18 2017

“The Mortgage Bankers Association reported that mortgage rates continued to edge lower in the latest week to levels not seen since early December.

In economic news, the year-over-year Consumer Price Index rose at its fastest pace since June 2014, while the January NAHB Housing Market Index declined modestly from December.

I will continue to recommend locking with mortgage rates near one-month lows. If anything changes, I will get back to you.”