Mortgage Market Summary as of July 16th, 2018

Mortgage Rate Flat For 3 Weeks

Mortgage rates were generally unchanged today, prolonging an exceptionally flat trend.  Over the past 3 weeks, the average mortgage seeker will not have seen a change in the interest rate attached to their loan.  The lack of movement isn't for a lack of potential movement in underlying bond markets.  That said, "potential" is the operative word, and it went unfulfilled by today's data and events.  Given that this week's biggest calendar event is Fed Chair Powell's congressional testimony, there's little reason to assume tomorrow's installment (with the House instead of the Senate) will offer any new insights that impact rates.  That's not to say rates can't move, just that it won't likely be Powell that does the trick.  Moreover, if rates DO move, chances are it won't be by much. That being said, Powell’s stance continues to state that the best way forward is to gradually raise interest rates.

Courtesy of Sotheby's International Realty's in-house Lender Simon Atik, 310.880.8414, Simon.Atik@grarate.com, Vice President of Mortgage Lending, Guaranteed Rate Affinity.

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