Mortgage Rate Update May 4, 2015

Mortgage rates remain at similar levels to last Thursday.  After going unchanged for the better part of April mortgage rates increased by .125%-.25% during the last week of the month.

A look at the US 10-year treasury yield tells us all we need to know.  From April 27th to today yields rose from 1.92% to 2.13%.

05-04-10yr1

US interest rates are following Germany.  From April 20th to today the yield on a 10-year German bund increased from .07% to .416%.

Will rates continue to move higher?  The trend is certainly not favorable.  The economic calendar is fairly quiet until Wednesday when the trio of employment reports get released.  On Wednesday we get the ADP report, on Thursday weekly jobless claims, and then the all-important jobs report on Friday.

We shifted to a locking bias on Thursday of last week and will maintain it today.

Current Outlook: locking bias

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.