Cory Thompson

Mid America Mortgage, Inc.

  • About Us
  • Blog
  • Mortgage Info
    • Buyer Info
    • Seller Info
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Zillow Reviews
  • Pre-Qualify
  • Contact

What’s Ahead For Mortgage Rates This Week – April 17, 2017

April 17, 2017 by Cory Thompson

Last week’s economic releases included readings on inflation, core inflation, new jobless claims, and mortgage rates. Consumer sentiment for April was also released.

Inflation Rate Dips in April

Consumer Price Index readings for April indicated that inflation decreased from 0.10 percent growth in March to a negative reading of -0.30 percent reading in April. The Core Consumer Price Index, which does not include volatile food and energy readings, also dipped in April to -0.10 percent from the March reading of +0.20 percent. While negative readings for month=to-month inflation suggests sluggish economic conditions, month-to-month readings can be volatile

 It’s possible that sluggish inflation readings could cause the Fed to postpone further interest rate increases. Lenders typically raise consumer interest rates when the Fed raises its target federal funds rate.

Mortgage Rates, New Jobless Claims

Freddie Mac reported lower average mortgage rates last week. Rates for a 30-year fixed rate mortgage averaged 4.08 percent a reading two basis points lower than for the previous week. The average rate for a 15-year fixed rate mortgage was two basis points lower at 3.34 percent; rates for a 5/1 adjustable rate mortgage dropped by one basis point to an average of 3.18 percent Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Last week’s mortgage rates were the lowest seen so far in 2017.

Fewer new jobless claims were filed last week with 234,000 new claims filed as compared expectations of 245,000 new claims filed and the previous week’s reading of 235, new claims filed.

Consumer sentiment rose in April to an index reading of 98.0. Analysts expected a reading of 96.0 based on the March reading of 96.9. The University of Michigan said that most consumers are upbeat about current economic conditions.

What‘s Ahead

This week’s scheduled economic news includes the NAHB Housing Market Index, Existing Home Sales, Commerce Department readings on housing starts and building permits issued. Weekly readings for average mortgage rates and new jobless claims will also be released.

Mortgage Rates Tagged: Mortgage Rates

Cory Thompson

CONTACT INFO


Mobile 832.347.1855

Office 281.218.0505

NMLS ID 225056
Legend Home Lending

Connect with Me

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Recent Posts

  • Is It Worth It to Put More Than 20 Percent Down?
  • What You Need To Know About A Closed-End Second Mortgage
  • What’s Ahead For Mortgage Rates This Week – January 30, 2023
  • Getting A Mortgage When Self-Employed: What You Need To Know
Equal housing
| © 2017 Legend Lending Corporation NMLS 229421 | Texas Recovery Fund Notice

Archives

Our Location

Legend Home Lending
17047 El Camino Real Ste 150
Houston, TX 77058

Copyright © 2023 Cory Thompson  ·  All rights reserved   ·   Log In