Mortgage Rates May 17 2017

Mortgage rates for May 17, 2017 should see some overall improvements as the overall bond market, including Mortgage Backed Securities, have rallied this morning.  Late yesterday news came out that Comey had written a memo about his meeting with the President and in that memo Comey claims the President asked him to shut down the investigation of Michael Flynn.  If true this could be very troubling for the President as it could be considered mortgage interest ratean obstruction of justice.  Mortgage rates for 15, 2017 might further improve later today/tomorrow if the political fallout becomes worse.  Yesterday not one Republican went on air to defend the President and several Republicans, including Rep. Chaffets, are requesting a copy of the memo.  Right now the 10y yield is just about 2.27% and yesterday it finished just above 2.32%.  Fixed rate mortgage terms might see more improvements than adjustable rate mortgage terms however that is not a certainty.

For many borrowers looking to refinance their current mortgage or purchase a new home the question most important to them is:  Is now the best time in 2017 to get a low California home loan rate? Timing is difficult when it comes to locking in mortgage rates but generally speaking we are right near the lows of 2017 so yes it’s a great time to lock in a low rate mortgage.  Both fixed rate mortgages and adjustable rate mortgages have performed well recently and lenders are no longer as cautious as they were back in early 2017.   We had some data point readings this morning; The MBA purchase index came in lower than the previous reading (243.6 vs 250.3) and the average mortgage rate was flat (4.23% vs 4.23%-FYI our 30 year fixed rate w/ zero points is way below the average!).  No major economic readings on the calendar today but tomorrow we have the Philly Fed Index and later in the day we have the 10y auction (which tends to be a market mover).  If the political fallout in Washington continues to intensify between now and tomorrow then we may see a very strong 10y year auction which would spark a rally in Mortgage Backed Securities.

If you are considering a refinance of your current mortgage or you’re interested in purchasing a new home please be sure to contact us directly for a no cost/no obligation quote: 1-800-550-5538.  We have a top rating with the Better Business Bureau and the Business Consumers Alliance along with more than a dozen years of experience in securing the best possible mortgage for our clients.