Current Mortgage Rates 3/13/2017
|Conv. 30 Year Fixed||4.500%||4.545%|
|Conv. 15 Year Fixed||3.750%||3.828%|
|FHA 30 Year Fixed||3.875%||4.775%|
|VA 30 Year Fixed||4.000%||4.210%|
Rates are based on these Terms & Conditions
YTD Mortgage Rate Trend
Weekly Market Commentary
Freddie Mac: http://www.freddiemac.com/pmms/
The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s employment report and the outcome of next week’s FOMC meeting are likely to set the direction of next week’s survey rate.
Mortgage News Daily: http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/
Mortgage rates continued higher this week, officially hitting 2017 highs and coming close to the highest levels in nearly 3 years. At issue was stronger employment data.
Specifically Wednesday’s ADP Employment Report crushed expectations, causing investors to prepare for a potentially strong jobs report from the Labor Department on Friday (the ADP data attempts to predict the Labor Dept. data). Stronger economic reports tend to push rates higher.
Friday’s jobs report wasn’t as stellar as Wednesday’s ADP data but it was very strong. Nevertheless, markets were prepared for more, thus allowing rates to hold steady at 2017’s highs to end the week.
Next week brings the Fed Announcement. The Fed will hike. There’s no question of that. Markets are more interested to see how the Fed’s rate hike expectations are evolving for the future. This creates a ton of potential volatility next week, but here again, we may ask ourselves how much markets have already done to account for the more dire possibilities. That’s a fancy way of saying rates could still go either way!