Mortgage Rates May 19 2017

Mortgage Rates for May 19th, 2017

We enter the weekend seeing mortgage rates for May 19, 2017 flat to slightly worse for some loan programs.  There is something unique about today; there are no market significant economic data points or readings today.  That’s unusual as generally there is always something to digest.  Yesterday afternoon the market sold off a bit as news came out of Washington that things are not as bad as they seem for the administration.  The dollar rallied and bonds sold off.  The 10y yield finished the day just above 2.30% and in early trading today we’re seeing the 10y yield just above 2.24%.  The best mortgage rates in California can still be obtained for most refinance and purchase loan programs.

mortgage interest rateAn interesting report came out of the Urban Institute that stated refinance loans did more damages during the housing crisis in 2006-2008 than most believe.  Cash out loans were a big factor as well as risky loans like option arms were contributors to the problem.  Loss rates for refinance loans were higher compared to purchase loans and delinquency rates for refinance loans were higher compared to purchase loans.

Next week we have economic data points, readings and/or Auctions each day however the bond market is close early next Friday for  the Memorial day weekend.  On Monday we have a 26 week auction, Tuesday New Home Sales, Wednesday we have the MBA readings for their purchase index, Thursday is the 7 year auction and on Friday we have the Durable Goods report and GDP.  Also if next week is anything like the previous weeks I’m guessing we receive some market moving news out of Washington.

Few items from Reuters:

RTRS – ST. LOUIS FED’S BULLARD SAYS DATA WEAK SINCE LAST FOMC MEETING, WITH LOWER-THAN-EXPECTED INFLATION AND SLOWING JOB GROWTH

RTRS – BULLARD: DROP IN LONG-TERM YIELDS AND INFLATION EXPECTATIONS AFTER MARCH RATE HIKE SUGGESTS FED MAY BE MOVING TOO FAST FOR ECONOMIC CONDITIONS

If you are a First Time Home Buyer (FTHB) please be sure to give us a call for no cost/no obligation quote.  We not only will provide a great low rate mortgage but also take the time to explain all the details of the home buying process.  Furthermore we offer a streamlined process and this means that from beginning to end you will work with one person; the loan officer.  Some lenders pass you to a new person each step during the process so the potential for error’s is high; not with us though.  We have a top rating with the Better Business Bureau and a top rating with the Business Consumers Alliance.  You can contact us directly at 1-800-550-5538.