Mortgage Rates on Autopilot Ahead of Holiday Week

June 29, 2018

Mortgage rates haven’t moved for 3 straight days now.  In fact, if you’re not too concerned with minutia, there hasn’t been any major movement in weeks.  Unless something big happens in financial markets soon, we shouldn’t expect that to change next week

Rates are driven by bonds, and bonds are traded by humans (or algorithms written by humans).  Many of those humans are on vacation at the moment, having taken advantage of the lull in the market calendar between now and next week’s 4th of July holiday.  Markets will be closed on Wednesday and will close early on Tuesday.  Point being: there’s not an exceptionally vibrant marketplace underlying mortgage rate movement at the moment.

After the holiday, however, volatility potential increases.  Traders will be getting back to the office in greater numbers and the last part of the week brings several important economic reports.

Best Execution
Rate Change
30 Yr FRM 4.66% +0.00
15 Yr FRM 4.11% +0.00
FHA 30 Year Fixed 4.38% +0.00
Jumbo 30 Year Fixed 4.69% +0.00