Mortgage Rates July 20, 2017

Mortgage rates for July 20, 2017 will start the day at the same levels seen on Wednesday.  The big news of the day, the European Central Bank meeting, was not much of a market mover however generally speaking it was considered bond friendly.  The 10y yield opened the day at the 2.26% level and the 30 year FNMA 3.5 coupon was at the 102.94 mortgage interest ratelevel. For the most part 30 year fixed mortgage interest rates are below 4.00%, 15 year fixed rates are below 3.25% and 7/1 ARM rates are below 3.50% (conforming, zero points).  

Later this morning Mario Draghi has his press conference and there is always a chance he may say something that will move the market so we’ll keep an eye on that.  Overall though the news from the ECB is favorable to bonds and it appears at this point the market fears of a sharp move in yields has subsided for now.  This is good news for mortgage rates as they’ve been a bit elevated the last few weeks due to concerns from Europe.

Housing affordability has been a topic of conversation that seems to be getting more attention.  As home prices move up many are starting to wonder if they’ll be able to purchase a new home.  If you are looking to buy a new home please be sure to consider how much house you can afford before you start the process.  Determine the amount you can afford for a down payment, closing costs and total monthly payment (with property taxes and property insurance factored into the equation.

This morning we had the Philly Fed Index which came in below expectations, Initial Jobless claims which also came in below expectations and later today we have the 10y auction.  If you are considering a purchase or a refinance of your current mortgage please be sure to give us a call at 1-800-550-5538.  We offer top notch customer service and industry low mortgage rates along with fast closings.  That is backed by our top rating with the Better Business Bureau and the Business Consumers Alliance.

Per Reuters News Wire:

RTRS – ECB SAYS IF THE OUTLOOK BECOMES LESS FAVOURABLE, OR IF FINANCIAL CONDITIONS BECOME INCONSISTENT WITH FURTHER PROGRESS TOWARDS A SUSTAINED ADJUSTMENT IN THE PATH OF INFLATION, THE GOVERNING COUNCIL STANDS READY TO INCREASE THE PROGRAMME IN TERMS OF SIZE

RTRS – PHILADELPHIA FED BUSINESS CONDITIONS JULY +19.5 (CONSENSUS +24.0) VS JUNE +27.6