Mortgage rates May 30 2017

We’re starting off the week on a positive not as the bond market yields move lower.  Mortgage rates for May 30th, 2017 should start the day slightly improved from Friday as the market digests today’s economic data.  If the rally in bonds continues throughout the day and into tomorrow there’s a chance we may more than a small improvement to mortgage rate terms….keep in mind that things change frequently and there is no guarantee improvements will happen.

mortgage interest rateThis morning we received several economic readings including Personal Consumption, Personal Income, Core PCE Price Index, CaseShiller and Consumer Confidence for May.  Collectively these readings lend some weight to the movement of mortgage rates but to a lesser degree than a reading like the employment report coming out later in the week.  Personal Consumption came in as expected however the Core PCE was a bit higher than the market anticipated (reading of 0.2 and the market was expecting a 0.1 reading).  No real surprised with the CaseShiller reading and Consumer Confidence was a bit weaker in May than expected (came in at 117.9 instead of the market expectation of 119.8).  So who has the lowest mortgage rates in California? Most lenders are being aggressive right now with rates and I know the lenders we work with are bending over backwards to be as aggressive with rates as possible.  Both fixed rate mortgages and adjustable rate mortgages are near their 2017 lows and that should continue for the short term (unless some surprise comes out that the market was not expecting).  Later in the week we have the Chicago PMI, Pending Home Sales, ADP, ISM and the all important BLS employment report.

As always if we see any significant changes today we’ll certainly update the post.  If you are looking for a new home or considering a possible refinance of your current mortgage please be sure to contact us directly for a no cost – no obligation quote at 1-800-550-5538.  We have a top rating with the Better Business Bureau and with the Business Consumers Alliance.  Right now we’re offering some of the lowest mortgage rates of 2017 so it’s a great time to consider your options.

 

UPDATE – We’ve seen continue improvement in the bond market and if they hold we should finish the day on a positive.  A short while ago the following hit the news wires:

RTRS – FED’S BRAINARD: LACK OF PROGRESS ON INFLATION GOAL ‘A SOURCE OF CONCERN’

RTRS – FED’S BRAINARD: EXPECTS TO BEGIN SHRINKING BOND PORTFOLIO ‘BEFORE TOO LONG’, PERHAPS THIS YEAR