With rates once again this low, is it time to refinance?  Yes, possibly if you can reduce your interest rate by at least 3/8th's of a percent.  But do a side-by-side comparison of a no-cost or low-cost refinance option vs. a full cost refinance because interests can vary between the programs.

 

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

This week we got a lot of economic data. Weekly unemployment claims came in again below 300,000 for the 58th consecutive week.   we had three treasury auctions two of which were strong which helps the interest rates at the lower level. Mortgage rates fell just slightly.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Federal Reserve officials can send mixed messages when they speak off the record. These comments are oftentimes inconsistent with what they say on the record. This can cause for interest rate volatility because the markets are not sure what to believe.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Based on comments by a number of Federal Reserve officials, we can anticipate mortgage rates moving higher later this year.   this explains why many are taking advantage of these mortgage rates, the lowest since 2013.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Mortgage rates are back down to the lowest levels they been at since 2013. But will they stay at these levels? We should get some insights from the US treasury auctions that would be taking place this week.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

This week we have a number of US Treasury Auctions as well as the Consumer Price Index (CPI), retail sales and jobless claims.  But what is going to be of most interest is what the Fed Beige Book reveals on Wednesday.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Here's a brief description of today's one-minute update of what happened yesterday with mortgage rates, housing and the economy:  A little known economic statistic call Household Formation is one of the key factors to a healthy housing market.  Household Formations unfortunately have been lagging largely because of student loan debt and slow job and wage growth.  But it is anticipated that somewhere between 2020 and 2024 household formation will be strong which could result in another housing boom.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Here's a brief description of today's one-minute update of what happened yesterday with mortgage rates, housing and the economy:  Here are four reasons why the Federal Reserve will most likely keep rates at these levels...

1) Weak foreign economies. 

2) Dollar appreciation.

3) Slow productivity &

4) household formation levels are not keep pace with income growth and population growth.   

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Here's a brief description of today's one-minute update of what happened yesterday with mortgage rates, housing and the economy:  This week, the focus was on the Federal Reserve and whether or not there were to raise interest rates. They reassured us by way of the Federal Open Market Committee (FOMC) meeting minutes that most likely will not be happening anytime too soon because of weaknesses in the economies of other countries that could have an impact on our own economy.   

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.

Here's a brief description of today's one-minute update of what happened yesterday with mortgage rates, housing and the economy:  It is encouraging to see the Labor Participation Rate improving in our country as it means  A greater percentage of Americans are returning to the workforce and able to obtain jobs. 

 

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month.  David welcomes your feedback in the comment section below.