Mortgage Rates June 20, 2017

Mortgage rates for some loan programs might see slightly worse terms today after moderate selling in bonds yesterday afternoon.  Overall though mortgage rates seem to be in “limbo” as the bond market seeks direction for mortgage interest rateit’s next move.  When will that “move” happen? It could be today, later this week or weeks from now. Long term you would like to see some stability at this level before making any significant moves down.  So if mortgage rates were to stay at these levels for weeks that might be good thing for the long term health of the market because any sharp moves down usually are temporary.  Like yesterday there are no major economic data reports but tomorrow we have Existing Home Sales.  Overall though, mortgage rates for the Summer of 2017 are starting off at their best levels since October/early November 2016 as worries over massive inflation diminish.  Fixed rate and adjustable rate mortgages remain attractive and their are variety of loan programs to help those buy a home for the first time or refinance their current mortgage.

Wells Fargo is in the news again.  They are being sued for allegedly changing the terms of home loans without the consent of it’s customers.  According to a lawsuit filled Wells Fargo adjusted loan terms for customers in bankruptcy by lowering their payment and extending the number of years the loan was set to be paid.  A lender is not allowed to this, even if it is to help the homeowner, without consent of the borrower.  While the borrower who is in bankruptcy probably needs help with a lower payment they must still consent to that adjustment.  It’s not clear if they have a strong case or if it’s just a frivolous lawsuit and it’s also not clear how many homeowners were affected.  We’ll keep an eye on future developments.

If you are considering a purchase of a new home or you’re considering a refinance of your current mortgage please contact us directly for a no cost-no obligation quote.  We offer industry low mortgage rates and top notch customer service.  Our direct number is 1-800-550-5538 or you can contact us using the sidebar contact form –>>>