Mortgage Update August 29 2017

“Renewed tensions in North Korea are sparking a rally in Mortgage Bond prices. The rise in Mortgage Bond prices should push home loan rates even lower this week when Freddie Mac reports its findings on Thursday. In housing news, solid annual gains were seen in the June S&P CoreLogic Case-Shiller 20-city Home Price Index. I will continue to recommend floating, at least until late Thursday afternoon ahead of the Friday morning release of the August Jobs Report. If anything changes, I will get back to you.”

Mortgage Update August 28 2017

“Mortgage Bonds begin the week near unchanged as the markets gear up for a slew of economic reports. The August Jobs Report will be released Friday morning. Home loan rates hit a new low for 2017 last week declining for the fourth consecutive week. I am recommending carefully floating to begin the week, which could change to locking late Thursday afternoon ahead of the Jobs Report.
If anything changes, I will get back to you. Have a great week!”

Mortgage Update August 25 2017

“Freddie Mac reported yesterday the home loan rates hit fresh year-to-date lows this week. Fed Chair Yellen will be speaking this morning at the Fed-sponsored Jackson Hole Symposium, which could offer some excitement. I am recommending carefully floating. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update August 24 2017

“Let’s start the day floating with Bonds near 2017 highs. No market moving economic reports are scheduled for release today, but the Jackson Hole Economic Symposium begins. Fed Chair Janet Yellen and European Central Bank President Mario Draghi are scheduled to speak tomorrow. Be prepared to lock should any news that is not Bond-friendly come out of the symposium.”

Mortgage Update August 23 2017

“The Mortgage Bankers Association reported this morning that home loan rates were unchanged in the latest week and remain just above all-time lows. In housing news, July Existing Home Sales fell 9.4% from June, though June’s numbers were revised higher. I am recommending locking in the short term, two weeks out, due to the fact that mortgage rates are at the lows seen in November and Mortgage Bond prices near the 2017 highs. Longer term, floating is prudent.”

Mortgage Update August 22 2017

“Today is shaping up to be a quiet session, which is typical for late August. Home loan rates are near the lows seen in November, while Mortgage Bond prices are hovering at the 2017 highs.
There were no major economic reports due for release today. I am advising locking in the short term, at least two weeks out. Longer term, floating is prudent. If anything changes, I will quickly alert you.”

Mortgage Update August 21 2017

“Mortgage Bonds begin the week near unchanged with little economic data to impact the markets in the next three days. Traders and investors are looking ahead to this week’s big event in the Kansas City Fed-sponsored Jackson Hole, Wyoming Symposium beginning on Thursday and ending Saturday. I am recommending carefully floating heading onto the Fed’s Symposium. However, short-term files, two weeks out, consider locking with home loan rates at the lows seen in November.”

Mortgage Update August 18 2017

“Home loan rates continue to hover just above all-time lows due in part to low inflation levels and as Stocks prices fall for a second straight week. In housing news, Freddie Mac reports that cash sales accounted for around 18% of all home sales in June, below the peak of 35%, but still well above the historical average of 10%. I am recommending carefully floating heading into the weekend. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update August 17 2017

“Mortgage rates remain near the lows seen in November due in part to the low inflation environment. In housing news, the number of equity rich properties hit 14 million in Q2 2017, up 320,000 from the previous quarter. With Stocks on the decline today, I am recommending carefully floating but be aware that sentiment can quickly reverse. If anything changes, I will get back to you.”

Mortgage Update August 16 2017

“The Mortgage Bankers Association reports that mortgage rates hit the lows for the year in the latest survey. In housing news, July Housing Starts declined nearly 5% from June. Builders cited a lack of skilled labor and lots to build on along with higher costs for materials for the decline in new home construction. I am advising locking files with less than a month until closing. Further out, floating is prudent. If anything changes, I will get back to you.”