Mortgage Update May 31 2017

“The Mortgage Bankers Association reports that mortgage rates were unchanged in the latest week and remain just above all-time lows. In housing news, Pending Home Sales in April declined from March and are lower than last year this time, mainly due to a limited inventory of homes for sale. With rates at favorable levels and Mortgage Bond prices at six-month highs, locking is recommended. If anything changes, I will get back to you.”

Mortgage Update May 30 2017

“Last week, both the Mortgage Bankers Association and Freddie Mac reported that mortgage rates fell to lows not seen since November 2016. In economic news, home prices continue to rise due in part to lean inventories of homes for sale, while inflation remained tame. With Mortgage Bond prices at six-month highs and rates at lows not seen since November 2016, locking is recommended. If anything changes, I will get back to you. Have a great week!”

Mortgage Update May 26 2017

“Better-than-expected Gross Domestic Product in the first quarter is capping Bond prices as the week comes to an end. After six straight winning sessions, Stocks are near unchanged as players look to exit early for the extended holiday. With mortgage rates at six-month lows and Mortgage Bond prices at six-month highs, I am recommending locking. If anything changes, I will get back to you. Have a safe and enjoyable holiday weekend!”

Mortgage Update May 25 2017

“Mortgage rates continue to hover just above all-time lows, while Mortgage Bond prices trade near six-month highs. In economic news, Weekly Initial Jobless Claims are at multi-decade lows and this morning’s numbers had little impact on trading. With Bond prices at frothy levels and mortgage rates near historic lows, I am recommending locking, at least three weeks out. If anything changes, I will get back to you.”

Mortgage Update May 24 2017

“The Mortgage Bankers Association reported today that mortgage rates hit their lowest levels since November 2016. In housing news, Existing home sales in April declined from March, due in part to low inventories of homes for sale. With Mortgage Bond prices edging lower and rates at six-month lows, I will continue to recommend locking. If anything changes, I will get back to you.”

Mortgage Update May 23 2017

“Positive overseas economic data and modestly higher Stock prices are capping Mortgage Bond prices this morning in the absence of any U.S. data. Mortgage rates are at the best levels of 2017 and near the November lows. I will continue to recommend locking, at least in the short term, three weeks out. If anything changes, I will quickly alert you.”

Mortgage Update May 22 2017

“Mortgage rates continue to hover just above historic lows, as reported by Freddie Mac last week. There were no economic reports due release today.
With Mortgage Bond prices near six-month highs and with rates favorable, I will continue to recommend locking, at least in the short-term, three weeks out. If anything changes, I will get back to you. Have a great week!”

Mortgage Update May 19 2017

“Stock prices are rebounding once again today, which is putting pressure on Mortgage Bond prices. However, mortgage rates continue to hover just above all-time lows.
There were no economic reports released today. With Stocks back in rally mode and mortgage rates at historically attractive levels, I am recommending locking. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update May 18 2017

“Mortgage rates edged lower this week, reports Freddie Mac, and remain at historically attractive levels. In economic news, the Philadelphia Fed Index surged, while Weekly Initial Jobless Claims hover near multi-decade lows. With Mortgage Bond prices at six-month highs and mortgage rates at low levels, I am recommending locking. If anything changes, I will get back to you.”

Mortgage Update May 17 2017

“Turmoil out of Capitol Hill is pushing Stock prices considerably lower this morning and giving Bond prices a big boost. This is helping to support slightly lower mortgage rates. There were no economic reports due for release today. I am recommending carefully floating, but be aware that Mortgage Bond prices are near six-month highs and could reverse lower, which would push mortgage rates a bit higher. If anything changes, I will get back to you.”