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Today's Interest Rate News

February 16, 2017; 8:02am

Good morning!

Interest rate trends: Today – Slightly lower; 10 days – Slightly higher; 25 days – Higher

Interest rate recommendation: Locking bias

Mortgage Backed Securities (MBS’s), which are directly related to mortgage interest rates, are slightly better today, currently at +16bps.  The economic reports this morning are strong for the US economy.  Housing Starts and Building Permits came in better than expected and the Philly Fed Business index far exceeded expectations.  A Fed rate hike in March is become more of an expectation now.  The Fed rate increase could be causing the equities markets to be flat and thus helping interest rates presently.  We will continue our locking bias recommendation, even when MBS’s are doing better this morning.  Rates came out the same as yesterday with lender credits coming in slightly better.  While rates will continue to move up and down a little, the trend is for rates to continue to increase.  Have a great day! 

 

To obtain the most accurate interest rates for your specific situation, please click www.galmc.com to obtain a custom quote.  Due to the fact that we can only post one specific scenario and there are so many adjustments based on loan-to-value ratios, credit scores, loan amounts etc. the rates below can be misleading.  We do not want to mislead anyone, so the rate below, although accurate for one specific scenario, is only given as a benchmark for indication of interest rate direction.

 

3.875% 30 year fixed, 3.968%APR (Lender credits improved by .125%)

3.125% 15 year fixed, 3.201%APR (Lender credits improved by .125%)