lender update on Rates

Mortgage Rates & Market News                                           June 16,2023 
Mortgage Rates                  note rate / annual percentage rate
 30 YR FIXED FHA 5.125% 6.617%
  30 YR FIXED VA 5.125% 5.463%
  30 YR FIXED Conventional 5.500% 5.724%
  15 YR FIXED Conventional 4.750% 5.127%
  30 YR FIXED Investment 5.875% 6.169%
 30 YR FIXED USDA RD (Guaranteed) 5.125% 5.731%
  5/6 ARM (5 YR Fixed Period) 6.375% 7.198%
  30 YR FIXED HomePath 5.750% 6.302%
  30 YR FIXED JUMBO 6.250% 6.414%
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Thurl J. Quigley

970.222.0816 | Fax 866.351.9497

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Market News
Friday’s bond market is in negative territory following stronger than expected economic news. Stocks are negative with the Dow down 42, S&P 500 down 9 and the Nasdaq down 75. The bond market is currently down 13/32 (3.775%), which should erase yesterday’s late rally and cause today’s mortgage rates to be higher by approximately .125 of a discount point.

This morning’s sole relevant economic release was the University of Michigan’s preliminary Index of Consumer Sentiment for June at 8:00 AM MDT. They announced a reading of 63.9 that exceeded forecasts of 60.0 and was higher than May’s 59.2. The increase means surveyed consumers felt better about their own financial situations than they did last month. Rising confidence is believed to lead to higher levels of consumer spending that fuel economic growth. Therefore, we have to consider the report bad news for bonds and mortgage rates.

Next week’s calendar is pretty light in terms of economic reports, but has several other events scheduled that may be influential to rates. The week starts with the markets closed for the Juneteenth Holiday Monday and closes with nothing scheduled that is relevant to mortgage pricing Friday. There is no early close today, ahead of the holiday.

In between those two days, there are a few things that will draw plenty of attention in the markets. The semi-annual Fed testimony before Congress is Wednesday and Thursday morning. The Fed has scheduled speaking engagements by members, now that the FOMC meeting is behind us. We also have a Treasury auction midweek that could affect afternoon trading one day.

Please feel free to contact me directly at 970-222-0816 or by email at thurl@tstfinancial.com with any questions and mortgage scenarios.  Same-day mortgage approvals, evenings and weekends too!  To access our rates online, visit  www.TSTFinancial.com/AgentRates.  I look forward to hearing from you soon.