Mortgage Rates July 31, 2017

Mortgage rates for July 31, 2017 will be similar to levels seen on Friday.  It will be a busy week for the bond markets as we have a number of important economic data points hitting the market.  At the end of the week we have the most important economic report this week; the BLS jobs report.  And it wouldn’t be surprising to see bonds influenced by mortgage interest rateWashington DC this week as the federal government tries to move forward without passing a health care bill.

Generally speaking 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 to start off the week but that could change depending on the various reports that come out this week.  The 10y yield opened the day at the 2.29% level and the 30 year FNMA 3.5 coupon started the day at the 102.30 level.

Later today we have the Chicago PMI, Pending Home Sales and the 52 week auction.  Tomorrow we have the Personal Consumption, Core PCE, Personal Income, ISM and Construction.  Wednesday it’s the ADP report along with the weekly MBA purchase and refinance index.  Thursday it’s the Factory orders and ISM N-Mfg and on Friday we have the BLS employment report.  We’ll be keeping an eye on the wages earned and the hours in the BLS report (weak wages and lower hours work).  Are 2017 mortgage rates good?  Comparing the current rates to earlier this year and the answer is yes.  Mortgage rates are much lower and the market during the summer has been generally stable.

If you are looking to refinance your current mortgage or looking to buy a new home please be sure to give us a call for a no cost – no obligation quote.  We offer industry low rates and top notch customer service.  Our direct number is 1-800-550-5538.