Mortgage Rates July 24, 2017

Mortgage rates for July 24, 2017 are set to start the day at similar levels seen on Friday.  The 10y yield opened the day approaching the 2.25% level and the 30 year FNMA 3.5 coupon was at the 103.00 level. 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 mortgage interest rate3.50% (conforming, zero points).

The market continues to stabilize after last weeks ECB meeting in which they eased investor fears of a reversal of accommodations.  Since then bond yields have come off their recent highs; and mortgage rates have followed.  Later this morning we have the existing home sales numbers and a 26 week Bill auction.  Mortgage rates continue to be just above their 2017 lows.

The market may look to Washington for it’s next move as a vote on the health care bill takes place tomorrow.  Although it appears the bill will fail; you never know what may happen in the next 24 hours.  One reason the health care bill is so important is that it enables the Administration to move forward with their tax reform (their tax cut proposals are dependent on cutting health care dollars spent by the federal government).  Several political pundits have said that without a new health care bill in place it will be very difficult for them to pass tax reforms.

After that investors will look to the FOMC rate decision on Wednesday.  The market is not expecting a hike and will focus more on what they have to say about the future of the economy and if they’ve become concerned about the weakening data.

As for important data this week: Tomorrow we have CaseShiller Home Price index, Consumer Confidence and on Wednesday we have new Home Sales, and the FOMC rate decision.  Thursday is the Durable Goods reading along with weekly unemployment numbers and on Friday we have the advance Q2 GDP.

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