I was going to do a cheesy post on New Years exclaiming that mortgage rates are the lowest in 2017…although technically speaking, you could also say they are the highest of 2017! Obviously I opted to not do that post and to instead, share Freddie Mac’s Primary Mortgage Market Survey which shows that rates have improved a bit.
Remember, the PMMS report is based on an average of last week’s rates. Rates that were available last week, or even yesterday, may not be available today – or to be more precise, the pricing for that rate may not be available. If you really want a 30 year fixed rate in 3% range, you may still be able to have it – it will just cost you several points.
Tomorrow morning, we’ll have the release of the first Jobs Report of 2017. The Jobs Report tends to impact the direction of mortgage interest rates as it indicates inflation (which will drive rates higher) and the overall health of the economy.
I predict that we’ll continue to see mortgage rates trend higher. It’s very possible that this post could truly be some of the lowest mortgage rates of 2017.