Mortgage Update March 31 2017

“Mortgage rates continue to remain just above historic lows as reported by the Mortgage Bankers Association and Freddie Mac this week.

In economic news, inflation data showed a slight uptick, while Personal Incomes and Spending came in near expectations.

I am recommending locking for any files that are short term in nature, at least two weeks out. Longer term floating.”

Mortgage Update March 30 2017

“Economic growth, as measured by Gross Domestic Product, came in at anemic 1.6% for all of 2016 after a 2.6% rise in 2015.

Mortgage rates continued to edge lower this week as reported by Freddie Mac and remain historically low.

I am recommending locking any files that are short-term in nature, at least two weeks to three weeks out. Longer-term, carefully floating is advised.”

Mortgage Update March 29 2017

“The Mortgage Bankers Association reported today that mortgage rates edged lower in the latest week and are still historically attractive.

In housing news, Pending Home Sales in February came in higher than expected as the spring buying season is well underway.

I am recommending carefully floating, but sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update March 28 2017

“Home prices continue on a generally positive upward trend as evidenced by today’s S&P/Case Shiller Home Price Index.

In addition, Consumer Confidence surged to its highest level not seen since December 2000.

With Stocks consolidating at current levels and supporting higher Bond prices, mortgage rates remain just above historic lows.

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

Mortgage Update March 27 2017

“The new healthcare reform bill was pulled on Friday due to lack of support from Congress, which is sending Stocks lower today and boosting Bond prices.

Mortgage rates edged lower last week after hitting 2017 highs in previous weeks and remain historically attractive.

There were no economic reports set for release today.

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

Have a great week!”

Mortgage Update March 24 2017

“Freddie Mac reported this week that the 30-year fixed rate mortgage edged lower ahead the big health care bill set to be voted on today in Washington D.C.

In housing news, February Existing Home Sales declined from January, while New Homes Sales increased.

With Mortgage Bond prices trading near unchanged, I am recommending carefully floating. If anything changes, I will get back to you.

Have a great weekend!”

Mortgage Update March 23 2017

“As the lead up to the healthcare reform vote in the House unfolds today, we could hear a lot of chatter about the ability for Congress and the President to pass the reforms promised in their election platforms. While Mortgage Bonds started the day unchanged, news from Washington could lead to market volatility.

I recommend starting the day floating but be ready to lock. I will keep you posted if any changes arise.”

Mortgage Update March 22 2017

“Mortgage rates continue to hover in the low to mid 4% range and remain historically low.

In economic news, Existing Home Sales will be released this morning as the sector continues to show solid numbers.

I am recommending carefully floating, but be aware that sentiment can quickly reverse.

If there are any changes, I will get back to you.”

Mortgage Update March 21 2017

“I am recommending we start the day floating, but be on guard to lock quickly as Bond prices are being pressured to drop.

Global politics, global yields, and remarks from Federal Reserve members later today could all move markets quickly in a manner that doesn’t bode well for Mortgage Backed Securities.”

Mortgage Update March 20 2017

“After a decrease in home loan rates last week, after the Fed RAISED rates – we are seeing a bit of a quieter and calm market this week.

I am mindful that in the past when the Fed hikes rates, home loan rates might improve – but at the same time, we are coming off such low historical rates – we may not see the same things happen this time around.

Furthermore, the Bond market is being challenged , technically, which means rates have many hurdle to break before improving further.

With that said, I have a floating bias with clients to see if some of these past historic patterns emerge (Fed rate hikes = lower mortgage rates) – but will quickly switch to locking should prices further stall at current levels and reverse lower, thereby making home loan rates move higher.”