by Bill McBride on 7/05/2016 07:07:00 PM
Tuesday, July 05, 2016
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• Early, Reis Q2 2016 Apartment Survey of rents and vacancy rates.
• At 8:30 AM,Trade Balance report for May from the Census Bureau. The consensus is for the U.S. trade deficit to be at $40.0 billion in May from $37.4 billion in April.
• At 10:00 AM, the ISM non-Manufacturing Index for June. The consensus is for index to increase to 53.3 from 52.9 in May.
• At 2:00 PM, FOMC Minutes for the Meeting of June 14-15, 2016
From Matthew Graham at Mortgage News Daily: Mortgage Rates Back to 3.25% in Some Cases
Mortgage rates dropped noticeably today, bringing quite a few lenders down to 3.25% in terms of conventional 30yr fixed quotes on top tier scenarios. For all intents and purposes, these rates are "all-time lows," even though there were several occasions in late 2012 where some lenders offered lower rates. It just depends on what sort of time-frame you want to put on the previous instances of all-time lows. If we're talking about rates that were available for a few days here and there, then we're not quite back to those yet. If we're talking about the lowest stably-held rate for most top-tier quotes, we're back!Here is a table from Mortgage News Daily: