Freddie Mac released their weekly report on average mortgage rates for last week. From the PMMS Report:
Today at around 11:00 am PST, the FOMC will wrap up their two day meeting and announce any changes to the Fed funds rate. Markets will react to the Fed statements regarding their views of our economy impacting their decisions on whether or not to raise the Fed funds rate. It is widely anticipated that there will be no change to the Fed funds rate today.
It’s not unusual to have the Fed meeting impact the direction of mortgage rates…so I thought I’d attempt a “live rate post” to illustrate how mortgage rates can change in a day. Mortgage rates have been trending higher this week. As of 7:52 am this morning, the 30 year fixed rate is higher by about 0.125% in rate or 0.752 in fee compared to what I quoted two days ago on Monday’s post.
We don’t have any economic indicators scheduled to be released today. The rest of the week is packed with data that may influence the direction of mortgage interest rates, including the FOMC meeting that will be wrapping up on Wednesday. No change to the Fed funds rate is expected. Here’s what’s on deck with this week:
Freddie Mac’s survey of what mortgage lenders reported for conforming rates last week revealed that mortgage interest rates trended lower. You can see based on the chart below that rates have been bouncing in a tight range, remaining below 4%.
My apologies for being a couple days late on this post which is typically published on Mondays… I had Monday off (it was my birthday) and with taking a day off, I had fun catching up on emails yesterday.
For my birthday, my husband and I went to Pinot country in Oregon – it is absolutely beautiful. If you enjoy pinot noir or crisp white wine, I recommend you check it out!
My apologies for being a day late on my “Monday Rate Post”…I’ve been busy working on transactions in process and new refi and purchase loans. Biz has to come before blog. However, I have a few moments now to share with you the economic indicators scheduled to be released this week, which is on the lighter side.