Mortgage Rates Hold at 2017 Low
Freddie Mac reports, “following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week. The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week’s survey.”
See how Clara’s 30-year Fixed rate compares to the average:
Source: Freddie Mac
Why holding steady?
It’s been two days in a row without any noticeable movements in the market. As both European Central Bank and Bank of England engage in discussions of tightening their monetary policies, investors are anxious to learn about the Federal Reserve’s next steps. We will find out next Wednesday at 11 am Pacific Time.
In the mean time, stocks are mixed this morning after inflation measure ticked up for the past month. This has more to do with the aftermath left behind by Hurricane Harvey, which caused higher energy prices.
Our pricing is pointing to a 30-year fixed par rate at the cusp between 3.625 and 3.75. We should expect this to continue in the next few days until big news comes out of Washington DC, either from the White House or the Federal Reserve.