Mortgage Update July 31 2017

“Home loan rates continue to hover just above all-time lows, as reported by Freddie Mac late last week. In housing news, Pending Home Sales rose in June as low inventories of homes for sale on the market continues to be a hurdle for prospective buyers. I am recommending carefully floating to begin the week. If anything changes, I will get back to you. Have a great week!”

Mortgage Update July 28 2017

“Home loan rates continue to hover just above all-time lows as inflation continues to run below the Federal Reserve’s target range. In economic news, economic growth rebounded in the second quarter of this year led by higher consumer spending. I will continue to recommend floating, but be aware that sentiment can quickly reverse. If there are any changes, I will alert you.
Have a great weekend!”

Mortgage Update July 27 2017

“Mortgage rates edged lower in the latest week and remain just above all-time lows, reports Freddie Mac. The Fed left interest rates on hold yesterday, which sparked a rally in both the Stock and Bond markets. I am recommending carefully floating, but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update July 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 July 25 2017

“Positive economic data along with higher Stock prices are pushing Mortgage Bonds lower this morning. The Fed kicks off its two-day meeting today with the monetary policy statement being delivered on Wednesday at 2:00 p.m. ET. I am recommending locking in the short term, a few weeks out, longer term floating. If anything changes, I will quickly alert you.”

Mortgage Update July 24 2017

“The two-day Federal Open Market Committee meeting kicks off on Tuesday and ends Wednesday with the release of the monetary policy statement. Existing Home Sales for June will be released this morning. The rest of the week’s economic calendar features additional housing data and Gross Domestic Product. I am recommending carefully floating, but be aware of the hurdles this week. If anything changes, I will get back to you. Have a great week!”

Mortgage Update July 21 2017

Mortgage Bond prices continue to hover near key technical levels while mortgage rates edged lower this week. There were no scheduled economic reports due for release and the day looks to be quiet as the summer doldrums set in. I will continue to recommend carefully floating. However, in the short-term, two weeks out, I would consider locking to capture the recent gains.
Have a great weekend!

Mortgage Update July 20 2017

“Mortgage Bond prices are edging higher after a weak Philadelphia Fed Index and as the major Stock indexes trade near unchanged. Freddie Mac reports that the 30-year fixed rate mortgage fell to 3.96% this week and remain just above all-time lows. I will continue to recommend carefully floating as long Mortgage bonds can remain above key technical levels. If anything changes, I will get back to you.”

Mortgage Update July 19 2017

“The Mortgage Bankers Association reports that mortgage rates were unchanged in the latest week and remain just above all-time lows. The Commerce Department reported that Housing Starts in June rose 8% from May after three straight monthly declines. I will continue to recommend carefully floating, but be aware of the volatility, which could reverse the positive sentiment. If anything changes, I will get back to you.”

Mortgage Update July 18 2017

“Lower Stock prices are supporting higher prices in Mortgage Bonds, while yields continue to edge lower.
The only economic report due for release today is the 10:00 a.m. ET release of the July NAHB Housing Market Index.
Mortgage rates are hovering just above all-time lows and remain historically attractive.
I am recommending carefully floating. If anything changes, I will quickly alert you.”