Mortgage Update June 30 2017

Home loan rates fell to their lowest level of 2017 this week and remain just above the all-time lows. In economic news, inflation remained tame in May, while Consumer Sentiment and the Chicago PMI in June came in above expectations. Heading into the long holiday weekend, where many will be off on Monday for the 4th of July, I will continue to recommend carefully floating. If anything changes, I will get back to you. Have a safe and Happy 4th of July!

Mortgage Update June 29 2017

“Freddie Mac reported on Thursday that mortgage rates fell to levels not seen since the week of the November presidential election. However, the recent decline in Bond prices could push rates a bit higher next week. I am recommending carefully floating. If anything changes, I will get back to you.”

Mortgage Update June 28 2017

“The Mortgage Bankers Association reports that mortgage rates were unchanged in the latest week and remain just above all-time lows.
The only economic report today is May Pending Home Sales, which will be released this morning.
I am recommending carefully floating, but I grow ever so cautious as volatility picks up.”

Mortgage Update June 27 2017

“Hawkish comments from ECB President Mario Draghi sent Bond prices lower and yields higher this morning.
Home loan rates continue to remain just above historic lows due in part to low inflation levels here in the U.S.
I will continue to recommend floating, but I grow ever so cautious with Mortgage Bond prices near seven-month highs. If anything changes, I will get back to you.”

Mortgage Update June 26 2017

“The Federal Reserve’s monetary policy statement will be released this afternoon and the headlines have the potential to move mortgage rates. The Mortgage Bankers Association reported this morning that home loan rates edged lower last week, but that was before this week’s volatility. In housing news, June New Home Sales rose modestly from May with gains coming despite a shortage of homes for sale. I am recommending carefully floating brand new files ahead of the Fed statement. If anything changes, I will get back to you.”

Mortgage Update June 26 2017

“Home loan rates continue to hover just above all-time lows, while Mortgage Bond prices trade near seven-month highs.
A weak Durable Goods Order report for May is supporting Bond prices, despite a rally in the Stock markets.
I am recommending carefully floating to begin the week, but be aware that higher Stock pries today could reverse sentiment in the Bond markets.
If anything changes, I will quickly alert you. Have a great week.”

Mortgage Update June 23 2017

“The rather unimpressive week comes to an end today as mortgage rates hover just above all-time lows. The only economic data point today is May New Home Sales, due out at 10:00 a.m. ET.
Heading into the weekend, I am recommending 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 June 22 2017

“A low inflation environment continues to keep Mortgage Bond prices near the 2017 highs and mortgage rates at seven-month lows. In housing news, Ellie Mae reports that the share of purchase originations hit 6-year highs in May. I will continue to recommend carefully floating. If anything changes, I will quickly alert you.”

Mortgage Update June 21 2017

Home loan rates were unchanged in the latest week, reports the Mortgage Bankers Association.
In housing news, May Existing Home Sales rose modestly from April, but low inventories of homes for sale continues to a problem for would be buyers.
I am recommending carefully floating, but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.

Mortgage Update June 20 2017

“The markets are on the quiet side today in the absence of any economic data or major headlines hitting the wires.
Mortgage rates continue to hover just above all-time lows, while tight supplies of homes for sales drive prices higher.
I will continue to recommend carefully floating, but be aware that sentiment can quickly reverse. If anything changes, I will quickly alert you.”