Melissa's Mortgage Minute

One thing is crystal clear to me...2017 will not be a dull year. 

Mr. Trump got the markets started this week with his tweet that the Dollar is too strong. The markets reacted and the Dollar fell by nearly 1% today. UK Prime Minister Theresa May, put Brexit back in the spotlight as she continues to push for the actual departure to begin. At home, the New York State manufacturers report fell below consensus with new orders slumping and employment indices are still in the red. 

Meanwhile, stocks fell. The Dow closed down 58 points to 19,826. The 10-year bond yields also fell dropping to 2.32%. The lowest yield since the end of November, as markets continue to question how long it will take for the new administration to actually heat up our economy. With more important data to be released tomorrow and Thursday, it will be interesting to see the market's reaction as well as the President elect. 

Mortgage rates were largely unchanged from last week. The 30-year fixed remains at 4.00% with no points and the best 5-year ARM at 3.00% with no points as well. On a $500,000 loan the difference in payments is $350.00 a month from the ARM to the fixed rate. So is it worth the risk? Ask yourself how long you really think you will be in your home. If the answer is not forever, the adjustable may be the right answer for you!