Mortgage Rates July 28, 2017

Mortgage rates for July 28, 2017 will start the day at the same levels seen on Thursday as the health care repeal died in the Senate late last night.  The market had little reaction to the news out of Washington as the bond market opened the day with yields only slightly higher than yesterday.  The 10y yield opened the day at the 2.33% level, mortgage interest ratehowever it quickly fell to the 2.30% level.  The 30 year FNMA 3.5 coupon started the day at the 102.24 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).  Mortgage rates remain just above their 2017 levels heading into the weekend.  Loan volumes remain below average levels mostly due to the low number of refinance applications.

Earlier this morning we had Employment Wages which came in lower than the previous month and adavance GDP which came in as expected.  Later today we have the University of Michigan Sentiment survey before heading into the weekend.  On Monday we have Chicago PMI, Pending Home Sales and a 52 week Auction.  Next week we also have ISM, ADP and the BLS employment report.  A key metric of the BLS employment report is wages and hours worked (important to inflation).

If you are looking to refinance your current mortgage or purchase new home please contact us directly at 1-800-550-5538 for a no cost – no obligation quote.  Our direct number is 1-800-550-5538.

Have a great weekend!