Mortgage Update February 28 2017

“Home price gains remained solid in the Case Shiller 20-city Home Price Index rising 5.6% from December 2015 to December 2016.

The fourth quarter 2016 Gross Domestic Product report showed decent growth, while consumer spending rose more than expected.

Fixed mortgage rates remained unchanged this week, hovering in the low 4% range.

With headline risk this evening in the presidential address from Mr. Trump to Congress, I am recommending locking. If anything changes, I will get back to you.”

Mortgage Update February 27 2017

“After last week’s rally in both the Stock and Bond markets, prices begin the week modestly lower.

Mortgage rates continue to hover in the low 4% range and remain historically low. In economic news, Durable Orders were reported in line with estimates and had little impact on trading, while January Pending Home Sales came in below expectations.

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

Mortgage Update February 24 2017

“Mortgage rates seem to be stabilizing in the low 4% range after their recent rise.

In economic news, Consumer Sentiment and New Home Sales will be released this morning and could impact the markets.

I will continue to recommend carefully floating as Mortgage Bond prices are nearing levels that have reversed prices lower in the past three months. If anything changes, I will get back to you.

Have a great weekend!”

Mortgage Update February 23 2017

“The Fed minutes were released yesterday revealing that members felt that it might be appropriate to raise the short term Fed Funds Rate fairly soon.

Mortgage rates edged higher in the latest week, but seem to be topping out just above 4%.

With Mortgage Bond prices trading higher, I am recommending carefully floating, but be aware that sentiment can quickly reverse.

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

Mortgage Update February 22 2017

“The Mortgage Bankers Association reported on Wednesday that mortgage rates edged higher in the latest week, though still remain historically low.

The only economic report due out later this morning is January Existing Home Sales.

Stocks are lower after hitting record highs yesterday and are boosting Mortgage Bond prices in early trading. I will continue to recommend carefully floating. If anything changes, I will get back to you.”

Mortgage Update February 21 2017

“Mortgage rates continue to hover just above the 4% level and remain historically low.

There were no economic reports released today but web-based real estate database company Redfin said home prices and sales rose last month while inventory continued to decrease.

I will continue to recommend floating, but I grow ever so cautious as Mortgage Bond prices seem to be stalling at current levels. If anything changes, I will get back to you.

Have a great week!”

Mortgage Update February 17 2017

“Mortgage rates were essentially unchanged this week and continue to remain historically attractive.

There were no economic reports released today and the markets are relatively quiet ahead of the long holiday weekend. All U.S. capital markets are closed on Monday in observance of Presidents Day.

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

Have a great weekend!”

Mortgage Update February 16 2017

“Freddie Mac reported that mortgage rates were near unchanged this week and continue to hover near historical lows.

In economic news, January Housing Starts slipped. The Philadelphia Fed Manufacturing Index soared, while Weekly Initial Jobless Claims remain near lows not seen since the early 1970’s.

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

Mortgage Update February 15 2017

“Mortgage rates are edging higher this week pressured by rising inflation data along with strong economic reports along with record high Stock prices.

The inflation reading Consumer Price Index came in hotter than expected, while Retail Sales and Empire Manufacturing showed strong numbers.

I am recommending carefully floating. However, be aware of the current volatility and that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update February 14 2017

“Mortgage rates are edging higher today after Fed Chair Yellen said fiscal policy is a source of uncertainty.

In addition, wholesale inflation from the Producer Price Index was hotter than expected, which could also be pressuring rates higher.

I am recommending locking for those loans that are short-term in nature, at least three weeks out. If anything changes, I will get back to you.”