Mortgage Update August 15 2017

“Strong economic data is weighing on Bond prices this morning, while mortgage rates continue to hover just above all-time lows. Retail Sales in July were better than expected, while the Empire Manufacturing Index surged in early August. I will continue to recommend locking with Bond prices near the 2017 highs and rates just above historic lows.”

Mortgage Update August 14 2017

“Mortgage Bond prices begin the week lower as easing tensions in North Korea pushes Stock prices higher. There are no economic reports being released today but the rest of the week’s calendar is packed with data that covers a broad landscape of the U.S. economy. With Mortgage Bond prices at the highs for the year and mortgage rates at the lows, I am recommending locking. Have a great week!”

Mortgage Update August 11 2017

“Tame inflation data in July is helping to keep mortgage rates near the lows for the year. This morning, the inflation reading Consumer Price Index came in lower than expected in July, and could keep the Fed on hold for future short-term interest rate hikes. With Mortgage Bond prices near the 2017 highs and mortgage rates at the year lows, I am recommending locking. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update August 10 2017

“Despite lower Stock prices and the ongoing tensions between the U.S. and North Korea, Mortgage Bond prices are near unchanged this morning. Wholesale inflation, as evidenced by the Producer Price Index, was tame in July and also failed to light a fire under Bond prices. With Mortgage Bond prices at their best levels since November and mortgage rates at the lows for 2017, I am recommending locking.”

Mortgage Update August 9 2017

“The Mortgage Bankers Association reports that mortgage rates matched their lowest levels in the latest week, while the refinance index is close to 50% of total applications. Stock prices are lower as mounting tensions between North Korea and the U.S. push investors out of risky investments and into the safe haven of the Bond markets. I am recommending floating, but let’s not get too complacent with mortgage rates at 2017 lows. If anything changes, I will quickly alert you.”

Mortgage Update August 8 2017

“In the absence of any economic data and geopolitical headlines, Bond prices are near unchanged, while Stocks are modestly lower. In housing news, analytics firm CoreLogic reports that home prices are up nearly 50% since March 2011 but the growth in sales is slowing due to a lack of inventory. I am advising locking for those with files that are just a couple weeks to close. Anything further out, floating is prudent.”

Mortgage Update August 7 2017

“Stocks and Bond begin the week near unchanged with little geopolitical and economic news impacting the markets. Home loan rates continue to hover just above all-time lows and remain historically attractive. I am recommending carefully floating to begin the week. If anything changes, I will get back to you. Have a great week!”

Mortgage Update August 4 2017

“Mortgage rates remain at historically low levels as reported by both the Mortgage Bankers Association and Freddie Mac. The Labor Department reported a solid labor market report for July, while the Unemployment Rate fell to a 16-year low. With the Jobs Report behind us, I am recommending carefully floating. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update August 3 2017

“Freddie Mac reports that mortgage rates are unchanged this week and remain historically attractive. Mortgage Bond prices are modestly higher getting a boost from lower Stock prices.
Ahead of the big headline risk in tomorrow’s Jobs Report for July, those files that are short-term in nature, two week out, consider locking. Longer-term floating is prudent.”

Mortgage Update August 2 2017

“The Mortgage Bankers Association reported that home loan rates were unchanged in the latest week as they remain just above all-time lows. In economic news, ADP Private Payrolls were a bit below consensus and had little impact on Mortgage Bond prices and home loan rates. I am recommending carefully floating, but I could switch to locking late Thursday afternoon ahead of the Friday morning release of the July Jobs Report. If anything changes, I will get back to you.”