Mortgage Rates May 22 2017

Mortgage Rates for May 22, 2017

Mortgage rates appear to be in a holding pattern to start off the week.  There are no major economic data readings and no major government auctions today so it could turn out to be a quite day.  The 10y yield as a bit higher to start the day (2.25%) and Mortgage Backed Securities (MBS) were a bit weaker as well. One thing we’ll have to keep an eye mortgage interest rateon is any sudden “tape bombs” from the news wires.  “Tape bombs” are market moving news stories that investors were not pre-pared for.  Right now the market seems a bit sensitive to news out of Washington so any news stemming from the various investigations into the Administration might cause the markets to move.  Also Oil is something to keep an eye on; after dropping to low-mid 40’s it’s now back above 50.  Lower oil is generally bond friendly and higher oil prices is potential negative for bonds.  Low California home loan rates will still be around for the foreseeable future however that can change if the market decides to move higher.

Tomorrow we have new home sales and Wednesday brings the MBA purchase index.  Also President Trump has departed from Saudi Arabia and is now in Israel.  He’s on a nearly two week trip visiting various countries before returning home. On Thursday we have the jobless claims number along with the 7y auction.  While the markets are close early Friday we still have some economic data; Durable Goods and GDP.  With the long weekend lenders might be hesitant to pass along improved terms if the bond market improves this week and it’s something we’ll keep an eye.  If you are looking to purchase a new home or refinance your existing mortgage please contact us directly at 1-800-550-5538 for a no cost – no obligation quote.  We offer both fixed rate mortgages and adjustable rates mortgages and we have a top rating with the Better Business Bureau.

News update from Reuters which may affect the bond market:

RTRS – FORMER TRUMP NATIONAL SECURITY ADVISER FLYNN TO DECLINE SENATE INTELLIGENCE COMMITTEE SUBPOENA, INVOKE 5TH AMENDMENT – MEDIA REPORTS