Mortgage Rates For May 9 2017

Mortgage rates for May 9, 2017 were a bit worse compared to Monday as the trend upward remains in place (at least for the short term).  The Mortgage Backed Securities (MBS) Market has sold off the last 5 trading sessions as the 10y yield has moved from the 2.70 level to 2.40. Mortgage rates, overall hit the 2017 low about a week ago and since then have trended a bit higher.  Good news is that it’s been a small increase as the market digests market news and comments from various Federal Reserve Board members.  The move upward has not been a panic selloff, like the Nov/Dec 2016 bong market selloff, and so lenders are not raising mortgage rates drastically in a short amount of time.  If you are considering a refinance or purchase; we’re still seeing some great terms near 2017 lows.  For those equal housing lenderlooking to obtain the best California mortgage rates are welcome to call us directly at 1-800-550-5538.  We offer a no cost – no obligation quote and have a top rating with the Better Business Bureau and the Business Consumers Alliance.  The Fed meets again in June; many believe they will raise their rates again.  Will that mean mortgage rates will also go up?  Not exactly but it certainly doesn’t help keep mortgage rates below their recent highs.

Wholesale inventories came in a bit higher than expected today; and later this afternoon is a 26 week auction an the 3 year Note auction.  Tomorrow we have the import and export prices report and the all important 10-year Note Auction (which can move mortgage rates up or down depending on how well or bad the auction goes).