Mortgage Rates July 27, 2017

Mortgage rates for July 27, 2017 will be similar to rates seen yesterday afternoon.  Bonds rallied late afternoon yesterday after the FOMC decision not to raise short term interest rates.  Mortgage bonds rallied back to levels seen late last week, a day after selling.  The 10y yield opened the day at the 2.28% level and the 30 year FNMA 3.5 coupon mortgage interest ratewas at the 102.25 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 3.50% (conforming, zero points).

Overall mortgage rates are just above their 2017 lows just before entering the last full month of summer.  Some of the best mortgage rates from lenders right now are at the 15 year loan program and the 30 year fixed rate loan program is also priced aggressively.  Both refinance and purchase loan volume has been low in 2017 so lenders are doing what they can to attract new business.  Fannie Mae will be raising Debt To Income ratios to 50% to assist lenders in obtaining new business.  

This morning we had the Durable Goods reading and that came in stronger than expected.  Later today we have the 7 year auction and tomorrow we have Employment Wages, Employment Costs and Advance GDP.  Next week is packed with important data including Chicago PMI, Core PCE, Consumption, ISM, ADP employment report and the all important BLS employment report (keep an eye on hours worked and wages).

If you are looking for a mortgage rate quote please contact us directly at 1-800-550-5538.  We offer a no cost – no obligation quote and will take the time to answer any questions you may have.  With over 13 years of experience, millions of dollars of closed loans and industry low rates we’re confident we can provide a positive experience with a great mortgage rate to each and every client.