Mortgage Rates June 21, 2017

It’s Wednesday and it appears today might be like Monday and Tuesday.  Mortgage rates appear to be on course to be similar to the last two days as the bond market settles in to lower yields.  And that is a good thing.  The first two mortgage interest ratedays of the week were generally absent of any significant economy data points however today we have Existing Home Sales later this morning.  The 10y yield is starting off the day at the 2.17% level and the 3.5 FNMA is at 103.13.  Mortgage rates will continue to remain at these levels provided the bond market remains stable.  Refinance applications seem to be on the rise so a good question posed the other day was “How long does a refinance take?“.  Generally speaking 30 days; possibly less if the borrower is very responsive to send in requested documentation and if an appraisal is needed getting that down quickly.  Some large lenders that pass a customer to one department after another during the process may take as long as 60 days.  However the companies, like us, that have the loan officer handle the transaction from beginning to end generally can move things along faster and thus shorter time frames.

Mortgage rates for the Summer of 2017 are starting off at great levels; and significantly lower when compared to the Winter months of 2017.  At this point that looks to continue the rest of the week and possibly into next week.  Keep in mind that could change quickly if there is some unexpected news stories that affect bonds and mortgage rates.

Thursday we have the jobless claims numbers and on Friday we have the new home sales numbers – then it’s the weekend!  As you know it’s been a very light week in terms of economic data points however things pick up next week.  Monday is the Durable Good report and Tuesday we have Consumer Confidence.  We’ll keep an eye on things and if there are any significant developments in the bond market or with mortgage rates we’ll certainly update the post.  If you are considering a refinance of your current mortgage or the purchase of a new home please contact us directly at 1-800-550-5538.