Mortgage Rates June 1 2017

Mortgage rates for June 1, 2017 are starting off the day slightly worse as we settle into the day’s trading.  This morning we received the ADP employment reading and that came in above expectations (expectations of 185k vs the reading of 253k).  We also received the Challenger Layoffs reading (t tracks the number of expected layoffs in the economy.  It’s not a widely followed reading but still provides some valuable information) and the number of mortgage interest rateexpected layoffs jumped dramatically in May.  Mortgage rates, both fixed rate mortgages and adjustable rate mortgages, remain at/near their 2017 lows for now and unless we receive some unexpected “bad news” today we should continue to see low California mortgage rates for both purchase and refinance transactions.

Later today we ISM manufacturing, ISM prices paid, Oil and car sales.  We’ll keep an eye on those reports and update the post if we see any significant movement in the bond market during the day.  Mortgage lenders in general have been pricing mortgage rates fairly aggressively as loan volume is below where they’d like it to be.  That’s good news for consumers who are looking to refinance their current mortgage or for those looking to buy a new home.  We’re starting to see 15 year mortgage rates below 3.00% and 30 year fixed rates below 4.00%.  As we move from Spring to Summer politics, specifically at the Federal level, will continue to play a role in mortgage rates.  Over the next several months the debate over health care, the budget and America’s role in various international agreements will be center stage in Washington.

If you are looking to refinance your current mortgage or purchase a new home please contact us directly at 1-800-550-5538 for a no cost – no obligation quote.  We offer both fixed and adjustable rate mortgages and have a top rating with the Better Business Bureau.

UPDATE: ISM manufacturing index was a bit higher than expected; the reading came in at 54.9.  However prices paid came in much lower than expected which is good news for mortgage bonds.