Mortgage Rates May 16 2017

This morning we’re seeing some green in the bond market; which is always a good way to start the day!  Mortgage rates or May 16, 2017 are going to start off flat for the day despite the positive move in the Mortgage Backed Securities Market (MBS).  While the market is green; it’s a small rally and we’ll need to see further improvements during the day before mortgage lenders will pass along any improvements to mortgage rates.  Fixed mortgage rates and adjustable mortgage rates are near their 2017 lows and it appears they’ll remain at this level for a period of time.  In general financial mortgage interest ratenews that has an impact on the mortgage industry; Senator Mitch McConnell said he would love to revisit Dodd-Frank but it would require Democratic involvement. This is an important development because there has been a push from the Trump administration to end (or at minimum redo it completely) Dodd-Frank however the Senator from Kentucky is confirming that will not happen without the support of Democrats.  Most Democrats are not interested in reforming Dodd-Frank significantly so it is unlikely we will see any reforms to Dodd-Frank this year.

How do I get a low mortgage rate in California?  If you are considering a refinance of your current mortgage or considering buying a new home in the State of California please be sure to contact us directly at 1-800-550-5538 for a no cost/no obligation quote.  We offer industry low mortgage rates and top notch customer service (we have a top rating with the Better Business Bureau and with the Business Consumers Alliance).

We have some data readings this morning:

  1. Housing Starts:  April housing starts came in a bit weaker than expected and the revision for March was lower than the initial reading.  Housing starts were down 2.6% but still higher than this time last year.
  2. Building Permits:  April building permits also came in below expectations and were down 2.5%.
  3. Industrial Production:  The most recent reading for April was stronger than expected and an increase over the March 2017 reading as well.

Have a great day and if we see any significant changes in mortgage rates today we’ll be sure to let you know.