Melissa's Mortgage Minute

Here we are at the end of the first business day of 2017. A year that many expect to be quite eventful, and no it’s not only Mr. Trump that will help to shape this coming year. 

The Dow closed at 19,881 up 119 points to start the year. While, the 10-Year bonds closed at 2.44%. The Dollar index is at a 14-year high with the Euro at $1.04. Oil was down 2% to $52.47 as hopes for a real production cut faded yet again. 

Economic data was upbeat around the world as we all get back to work. At home, construction spending and ISM nicely beat expectations. The rest of the week will focus on employment and will set a key bench mark for 2017. 

Mortgage rates remain mostly unchanged with 4.25% and 0 points the average for a 30-year fixed. That is today! Where will rates be in three months? That is what everyone really wants to know. I say they will remain range bound as Mr. Trump takes office. If he can deliver on his promises, they will likely go up- but any misstep will help to set the stage for lower rates by summer time. No matter what 2017 - here we come!!!