Weekly Rate & Market Update 4-14-17

Question of the week:  Weare on East Coast college tour this week and next so no question of the week.

Have a question? Ask me!

Rates for Friday April 14, 2017: Rates continue to drop on soft economic data. Producer and Consumer Price Indices both down in March (0.1 and 0.3% respectively), as well retail sales dropped in March as well. The data indicates a softening economy which puts downward pressure on rates.

FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS:

30 year conforming                                            3.75%             Down 0.125%

30 year high-balance conforming                        3.875%           Down 0.125%

30 year FHA                                                      3.25%            Flat

30 year FHA high-balance                                  3.75%            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.

No chart this week as having issues working on it remotely via Kindle.

It is a beautiful spring day in New York City today. We arrived at 4:30 this morning on JetBlue red-eye and hope the weather holds here the next few days and then next week when we will be in Boston. But it is spring on the East Coast so ready for warm, cold, hot, sunny and wet!

I hope you have a great weekend,

Dennis