Weekly Rate & Market Update 1-6-17
Question: No question this week as we are finishing up our vacation week in Scottsdale
Remember, with Dennis it’s not just a mortgage, it’s your complete financial picture.
December’s employment report is mixed. Only 156,000 new jobs (144,000 private sector) were created in December, which is low. However those who are working saw a 0.4% increase in wages with year over year wages up 2.9%, the highest year over year increase since the end of the recession. The news is neither rate friendly or hostile.
Rates for Friday January 6, 2017: Rates start 2017 where they ended 2016. Some large swings inter-week but as we get to Friday we are experience some welcome calm in the rates.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS
30 year conforming 4.00% Flat
30 year high-balance conforming 4.125% Flat
30 year FHA 3.50% Flat
30 year FHA high-balance 4.00% Flat
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down (3.5% for FHA) with 740 FICO score for purchase mortgages.
I hope everyone is having a good start to the New Year. We are in Scottsdale for what has become our annual pilgrimage for some R&R. An unexpected guest for the week has been a cold bug hitting Leslie and I, but it has not hindered us—and at least we have our 2017 cold out of the way!
All the best to you in 2017 and beyond,
Dennis
