Mortgage Rates June 16, 2017

Mortgage rates for June 16, 2017 are starting off the day similar to yesterday.  This morning we had the Housing Starts, Consumer Sentiment (prelim) and Building permit data which was weaker than expected.  Heading into the weekend it wouldn’t surprise me to see bonds take a breather, and mortgage rates too, after the strong positive move earlier in the week.  If you could choose between a continued fast move down in bond yields or a slow steady pace move down in bond yields; mortgage mortgage interest ratelenders and their rates would much prefer the slow steady pace.  Reason is that a fast move down is usually followed by a fast move back up and knowing that lenders will not be very aggressive with rates (in anticipation that there will be a sharp move back up in bond yields).  So if we have a few days to a week or two of low volatility then that’s a good thing for the long term health of the market.  If you are looking to refinance during the Summer of 2017 you’ll probably see some aggressive mortgage rates due to the slow first half of the year.   Both fixed rate mortgages and adjustable rate mortgages are very attractive compared to the firs three months of 2017.  First Time Home Buyers (FTHB) that have waited should also consider making a move forward as there are no certainties if mortgage rates will move lower from these levels.  Also FHA mortgage rates are fairly aggressive right now and the great thing about FHA mortgages is that they allow for a low down payment even if you have less than perfect credit.

As far as next weeks economic data; we have Existing Home Sales and Permits data….other than that it’s a fairly light week.  Something to keep an eye; politics in Washington and on the Global stage.  As we move towards summer Washington politics might start to play a greater role in the markets if they struggle to pass a budget.

If you are looking to refinance your current mortgage or purchase a new home please be sure to give us a call directly at 1-800-550-5538.  We offer industry low mortgage rates and have a top rating with the Better Business Bureau.