Tuesday, April 18, 2017

Wednesday: Beige Book

by Bill McBride on 4/18/2017 08:39:00 PM

From Matthew Graham at Mortgage News Daily: Rates Pushing Deep Into Post-Election Range

After stumbling just slightly yesterday, mortgage rates returned to their recent habit of setting new 2017 lows today.  At this point, we're getting closer and closer to post-election lows.  You'd have to go all the way back to November, 14th 2016 to see anything lower.

In specific terms, even more lenders have joined the majority in quoting conventional 30yr fixed rates of 4.0% on top tier scenarios.  The more aggressive lenders are now back into the high 3% territory (3.875% mainly, with a very small minority at 3.75%).  Many lenders are quoting the same NOTE rates as yesterday, but today's upfront costs are moderately lower on average.  
emphasis added
Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• During the day: The AIA's Architecture Billings Index for March (a leading indicator for commercial real estate).

• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.