Ladera Ranch Lender | Current Home Loan Rates
Posted by Scott Admin Bingham on Wednesday, October 11th, 2017 at 2:23pm.
Lending Market News:
Stock markets are once again hitting record highs, increasing traders’ risk appetite. The strong equity markets can slow down improvements in mortgage rates. On that same token, President Trump recently released his plan for a tax reform that is expected to stimulate economic growth. As a result, increasing mortgage rates. The economy grew slightly faster than anticipated in the 2nd quarter, with a GDP of 3.1%. Consumer spending was also strong for the 2nd quarter. Federal Reserve officials see the economy developing at a steady pace. Indicating that a rate hike later this year is highly likely.
Home prices are still on the rise with Case-Shiller reporting increases of 5.9% in July. Strong demand and tight inventory continue to drive up prices. New home sales were at an 8 month low in August. The blame is placed on weather, which held back the completion of homes under construction. Mortgage applications for purchases are slightly up (about 1%). Nearly 5% higher than a year ago, despite a shortage of inventory. This low inventory also accounts for a decrease in pending home sales. While demand continues to overwhelm supply in most markets.
Conforming 30 year fixed 4.375%
Conforming 15 year fixed 3.625%
Jumbo 30 year 4.125%
Jumbo 30 year 5/1 ARM 3.625%
FHA 30 year 4.000% | VA 30 year 3.875%
Need a loan preapproval? Give us a call: Diversified Capital Funding
Eric Muller - Mortgage Loan Officer, 925-708-0957, Eric@divcap.net
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