Interest Rate Update: Week of January 23rd

Last week: Comments from Fed officials and stronger than expected economic data were negative for mortgage rates this week. Renewed concerns about the United Kingdom's exit from the European Union offset a little of the increase, but mortgage rates ended the week higher.

Current rates (excellent credit, SFR, owner-occupied): The week opens with the same conventional rates as last week: 4.125% for a 30 year loan and 3.25% for the 15 year.

Future/Overview: Looking ahead, additional information about policy changes under the Trump administration could continue to affect mortgage rates. Existing Home Sales will be released on Tuesday and New Home Sales will come out on Thursday. The first reading for fourth quarter GDP, the broadest measure of economic growth, will be released on Friday.

*Update provided by Andrew Chelton, Mortgage Loan Originator at F&M Mortgage