Mortgage Rates June 30, 2017

Mortgage rates for June 30, 2017 are starting off the day at similar levels seen towards the end of Thursday.  30 year fixed conforming rates are still below 4.00% and 15 year fixed conforming rates are below 3.25% (zero points).  There is a good chance it will be a quite day in the bond market as we head into the long holiday weekend.  While the mortgage interest ratemarket is open for some of the day on Monday; many professional investors will take the day off and make it a 4 day weekend with the 4th of July on Tuesday.  Also banks and mortgage lenders will be taking a half day (for those coming into the office).  So it might not be until Wednesday before we see any significant changes if we end the week at similar levels to yesterday.

The best mortgage rates for both fixed and adjustable rate mortgages are just above their 2017 lows as the market moved up a bit after comments made be the ECB head Mario Draghi earlier this week.  As the European economy recovers he has become more supportive of less ECB intervention in the European economy.  Also in the news this week were home prices and how they’ve moved up over the last 6-12 months.  San Diego, Irvine, Los Angeles and other California cities have all experienced a surge in home prices as mortgage rats remain low along with limited inventory.

This morning we had the Personal Spending, Income and Core PCE – all the readings came in as expected. PCE price index came in negative after the previous reading of 0.2.  For the most part the reaction to this morning’s data was muted as the 10y yield starts the day at the 2.26% level.  Later today we have the Chicago PMI – if that has a significant impact on the bond market/mortgage rates we’ll update the post with that information.

On Monday we have the ISM Manufacturing, ISM Prices Paid and Construction Spending readings. On Wednesday we have the ISM-New York and Factory orders readings, Thursday it’s the ADP employment report and on Friday the all important jobs report.  Also on Friday the average hours worked and paid (which have are important to the bond market).

If you are looking to refinance your current mortgage or if you’re looking to purchase a new home please give us a call for a no cost – no obligation quote on one of our fixed rate or adjustable rate loan programs.  We offer industry low rates, a high level of customer service and we have a top rating with the Better Business Bureau.  Our direct number is 1-800-550-5538.