Mortgage Rates June 22, 2017

Mortgage rates for June 22, 2017 will be similar to those yesterday; a common theme this week.  The bond market continues to move sideways with no clear direction as to the next move – is it up or is down?  The 10y yield started off mortgage interest ratethe day at 2.15% level and the FNM 3.5 coupon is at 103.17.  30 year fixed mortgage rates continue to be below 4.00% (no points) and 15 year fixed mortgage rates continue to be below 3.25% (no points) for non cash out/vanilla type loans.  Keep in mind loans with cash out, high loan to value ratios and/or less than perfect credit might see mortgage rates above those levels.

Looking ahead; mortgage rates for the summer of 2017 are shaping up fairly well considering the first 3-4 months of the year.  As you may remember earlier this year 30 year fixed mortgage rates we above 4.25%; some lenders were above 4.375% and 15 year fixed mortgage rates were above 3.375%.  So with 30 year fixed mortgage rates moving below 4.00% the overall outlook for the summer is good.  Will they move further down?  Impossible to say so if rates are at level that makes a refinance or purchase transaction attractive then it’s probably wise to give it strong consideration.  Mortgage companies like ours are seeing some of the best no cost mortgage rates for refinance or purchase in a long time.

This morning we had the unemployment claims which came in a bit higher than expected (241k vs 240k) and continued unemployment claims were also higher than expected (1.944m vs 1.928m).  Later today we have the monthly Home Prices reading.  Tomorrow we have the New Home Sales reading before we move into the weekend.  If you would like a no cost – no obligation quote you can contact us directly at 1-800-550-5538.  We offer industry low mortgage rates and top notch customer service and we cover all of California.