Mortgage rates have remained relatively unchanged over the past two weeks. Despite some fluctuations in response to recent economic data releases, the overall trend has been one of stability.

Today’s Market Update:

  • Morning Session:
    • MBS futures gained 16 basis points.
    • Consumer Sentiment Index rose to 73, exceeding expectations.
    • The Dow Jones Industrial Average gained 150 points.
  • Afternoon Session:
    • MBS futures gained 3 basis points.
    • The Dow Jones Industrial Average gained 260 points.

Weekly Market Recap:

MBS futures rose approximately 63 basis points for the week. Investors will continue to monitor Federal Reserve policy decisions and economic data releases, particularly the Consumer Price Index (CPI) and Producer Price Index (PPI) next week.

Current Mortgage Rates:

For a 30-year fixed-rate mortgage with a $400,000 purchase price and a 20% down payment:

  • Par Rate: 6.875% APR 7.097%
    • Monthly Payment: $2,102
  • Lowest Rate: 4.750% APR 5.755%
    • Monthly Payment: $1,669
    • Requires $27,550 in discount points to buy down the rate.

What to Expect Next Week:

  • Key Economic Indicators:
    • CPI (Wednesday)
    • PPI (Thursday)
    • Retail Sales (Friday)
  • Fed Policy: Investors will continue to assess potential future rate hikes and the overall direction of monetary policy.

Stay Tuned for Updates:

As the mortgage market continues to evolve, we will provide regular updates on interest rates, economic news, and expert analysis.

Contact us today to discuss your mortgage options.