Mortgage Update April 28 2017

“Weak economic growth in the first quarter of 2017 is helping to support low mortgage rates, while the major Stock indexes hover near unchanged levels.
The Gross Domestic Product report also showed that consumer spending plunged, due in part to lower costs for utilities during the mild winter.
I will continue to recommend carefully floating, but be aware that sentiment can quickly reverse. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update April 27 2017

“Freddie Mac reported today that mortgage rates edged higher this week, but still remain historically attractive. Ongoing geopolitical headlines, earnings and the new Trump tax plan are impacting the financial markets, which in turn will influence the future path of mortgage rates. With Mortgage Bond prices trying to stabilize, I am recommending carefully floating. However, be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update April 26 2017

“The Mortgage Bankers Association reported that mortgage rates improved last week to their lowest levels since November 2016. There were no economic reports due for release this morning, but later today the Treasury Note auction results and President Trump’s new tax reform proposal could impact the markets. Ahead of this afternoon’s events and with rates at low levels, I am recommending locking. If anything changes, I will get back to you.”

Mortgage Update April 25 2017

“U.S. Stock markets continue to rally today fueled by solid housing data, strong corporate earnings and possible tax reform announcements this week.
March New Home Sales rose to their highest level in nearly a year due in part to limited inventories and strong demand.
With mortgage bond prices edging lower, mortgage rates could push a bit higher in the coming days. Locking is recommended.”

Mortgage Update April 24 2017

“The French elections have ignited a rally in global Stock markets, which is putting pressures on Bond prices as well as home loan rates. Last week, mortgage rates hit their lowest levels seen since early November and remain just above historic lows. I will continue to recommend locking to capture the best rates in five months. If anything changes, I will get back to you. Have a great week!”

Mortgage Update Apr 21 2017

“Mortgage Bond prices continue to trade near the 2017 highs, while mortgage rates hover near the lows seen in mid-November at the time of the presidential election.

In housing news, March Existing Home Sales came in better than expected hitting levels not seen since February 2007.

With mortgage rates at five-month lows, I will continue to recommend locking. If there are any changes, I will get back to you.

Have a great weekend!”

Mortgage Update April 20 2017

“Freddie Mac reported today that the 30-year fixed conforming mortgage rate fell just below 4% this week and remains historically low.

Ellie Mae reported this morning that the average closing time to close a loan fell to its lowest level in two years, coming in at 43 days in March.

With rates at lows seen in November, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update April 19 2017

“The Mortgage Bankers Association reported this morning that mortgage rates continued to edge lower in the latest week and are now at the lowest point since mid-November 2016.

There are no economic reports due for release today.

With mortgage rates at five-month lows, I am recommending locking as sentiment can quickly reverse. If anything changes, I will get back to you.”

Are you seeing slumping sales?

Inflation-adjusted retail sales slumped in March and were no higher at the end of 17Q1 than they were on 12/31/16; their worst performance since mid-2012. Moreover, inflation as measured by the core CPI, which excludes food and energy, slumped for the second straight month, and suggests retailers are unable to raise prices due weak consumer demand, probably due to weak real wage growth. Q1 GDP won’t exceed 1%; disappointing.

Mortgage Update April 18 2017

“Mortgage rates continue to hover near the best levels since early December, while Mortgage Bond prices are at the 2017 price peaks.

In economic news, March Housing Starts were weaker-than-expected as builders cited inclement weather in the Midwest and Northeast during the month.

I will continue to recommend locking to capture the best rates in five months. If anything changes, I will get back to you.”