Mortgage rates crept up slightly from Friday. We are approaching "pre-brexit" rates, and while this correction is being viewed as just that (a correction) we can't say for certain that it's a legitimate bounce. We can expect to see small moves towards higher rates, since rates pretty much hit rock bottom last week. The long term trend has been a fall to lower rates. This week we have several interesting domestic reports on tap, including tomorrow's Housing Starts and Building Permits. Wednesday brings the Mortgage Market Index. Thursday the Philly Fed Business Index, Initial Jobless Claims, and the Existing Home Sales. This week there also seems to be "vacation week" for several market participants, so with summer in full swing, bond markets typically go into auto-pilot mode. This can bring a larger-than-usual focus in to technical reports. Check back later in the week to see what happens with mortgage rates. Many lenders are still offering 3.375% for top-tier scenarios.
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• 30 year (FRM) rates at 3.43% (+0.01%).
• 15 year (FRM) rates at 2.77% (+0.01%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.55% (+0.00%).
• 5/1 ARM rates at 2.85% (-0.01%).
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