Today Freddie Mac released their Prime Mortgage Market Survey which basically shows an average of conforming rates for the previous week. The report shows mortgage rates at their highest for 2017 with the 30 year fixed rate at 4.21% priced with a half point.
It’s been a while since I’ve done a live post. I think today calls for a live post since the FOMC is meeting and it’s highly anticipated they will decide to increase rates. Mortgage rates have been steadily climbing since mid-November following the elections. There are several factors that are influencing the upward move in rates, including what appears to be a better economy along with signs of inflation. [Read more…]
Investors had been banking on the Brits staying in the European Union. This morning’s Brexit narrow vote to leave the EU results stunned the markets. The Dow was down over 500 points. This morning, mortgage rates are dropping.
Want to lock in a historically low mortgage rate? You can start with getting a rate quote or by starting a pre-application. NOTE: I am licensed to originate mortgages for homes located in Washington State.
The morning the Jobs Report was released with weaker than expected data with only 38K non-farm jobs added in May. This is far less than the anticipated 155k jobs. In addition, April’s Jobs Report was revised with fewer jobs than originally reported. [Read more…]
This week is packed with economic data that may impact the direction of already volatile mortgage rates. Mortgage rates are based on bonds (mortgage backed securities/MBS) and change throughout the day, similar to stocks. MBS may often move in the opposite direction of stocks as investors will seek the safety of bonds when stocks are being volatile.
Happy Leap Year Day! This week is packed full of economic indicators that may impact the direction of mortgage interest rates including the Jobs Report on Friday.