Archives for August 2017

Mortgage Rates August 31, 2017

Mortgage rates for August 31st, 2017 remain stable heading into the long holiday weekend.  Yesterday we had the MBA Purchase Index, MBA Refinance Index, ADP National Employment and preliminary GDP.  Today’s data includes Personal Consumption, Core PCE, Weekly Jobless Claims, Chicago PMI and Pending Home Sales.  The mortgage interest ratemonthly Jobs report tomorrow, along with the ISM reading, it’s unlikely we’ll see any significant improvements in the bond market/mortgage rates during the day today.  

As of this morning we’re seeing 30 year fixed mortgage rates below 3.875%, 15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates is similar to yesterday.

Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).   The 10y yield opened the day at the 2.14% level before moving down to the 2.12% level and the 30y FNMA 3.5 coupon opened the day at the 103.51 level before moving to the 103.6o level.

This morning we had Personal Consumption (stronger compared to last month), Core PCE (inline with expectations), Weekly Jobless Claims (236K), Chicago PMI (58.9 vs 58.5) and Pending Home Sales (tad bit lower compared to last month).  The PCE report is one of the Fed’s favorite inflation gauges.  The year over year measure was actually lower than the previous reading at 1.4%….well below the 2.00% target the Fed currently is pushing for.

If you are looking to refinance your current mortgage or purchase a new home please be sure to give us a call at 1-800-550-5538.  We offer industry low mortgage rates and top notch customer service.

Mortgage Rates August 30, 2017

Mortgage rates for August 30th, 2017 are similar to rates seen yesterday.  On Tuesday we had the CaseShiller reading, Consumer Confidence and the 7yr Note Auction and today we had MBA Purchase Index, MBA Refinance Index, ADP National Employment and preliminary GDP.  The bond market is slightly worse today as investors sell mortgage interest ratebonds following yesterday’s rally.  We’re seeing 30 year fixed mortgage rates below 3.875%, 15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates is similar to yesterday. 

Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).   The 10y yield opened the day at the 2.14% level and the 30y FNMA 3.5 coupon opened the day at the 103.47 level.

As mentioned; today we had the MBA Purchase Index, MBA Refinance Index, ADP National Employment and preliminary GDP.  The MBA Purchase Index was a bit weaker compared to last month, the MBA Refinance Index was also weaker when compared to last month.  The ADP National Employment report came in much stronger than expected (237 vs 183) and the preliminary GDP was also stronger (3.0 vs expectations of 2.7).

Will mortgage rates go lower or higher from these levels?  Impossible to say given the uncertainty of the markets.  For mortgage rates to move down we’ll need to see economic data get worse/inflation ease and/or a geo-political risk get worse (like the current North Korean situation).  If you are looking to refinance your current mortgage or purchase a new home please be sure to contact us directly at 1-800-550-5538 for a no cost – no obligation quote.

Mortgage Rates August 29, 2017

Mortgage rates for August 29th, 2017 are improving due to North Korea’s launch of a missile over Japan.  Today we had the CaseShiller reading, Consumer Confidence and the 7yr Note Auction.  We’re seeing 30 year fixed mortgage rates below 3.875%, 15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% mortgage interest rate(conforming, zero points) – the cost to obtain these mortgage rates is improved compared to yesterday.  If, and this is a big “if” the bond market continues to rally the next few days we may see the above rates move down to the next level.

Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).   The 10y yield opened the day at the 2.10% level however since this morning it has moved up to the 2.13% level. The 30y FNMA 3.5 coupon opened the day at the 103.60 level and has since moved down to the 103.50 level.

As mentioned today we had the CaseShiller reading which came in slightly lower than expected, Consumer Confidence was slightly stronger than expected and the 7yr Note auction.  The big news is North Korea which launched a missile over Japan last night.  If tensions escalate we may see bond market yields move even lower as we head into the long three day weekend.  Keep in mind; today’s move and any other future move in bonds as a result of North Korean tensions will reverse quickly when/if those tensions are resolved.  That means mortgage rates could easily reverse course.

If you are looking to refinance or purchase a new home please be sure to call us at 1-800-550-5538 for a no cost – no obligation quote.

Mortgage Rates August 28, 2017

Mortgage rates for August 28th, 2017 are starting off the week at similar levels seen last week.  Outside of the winter holidays the week before labor day is usually the slowest of the year in the industry as well as a usually quite bond market as traders take off towards the end of the week for the long holiday weekend.  There are no major economic reports today however later this afternoon we have the 5 year auction.  It’s not typically a market mover but good to always keep an eye on the results. mortgage interest rateToday we’re seeing 30 year fixed mortgage rates below 3.875%, 15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates are slightly improved compared to yesterday.

Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).   The 10y yield opened the day at the 2.17% level however since this morning it has moved down to the 2.16% level as it did on Friday. The 30y FNMA 3.5 coupon opened the day at the 103.38 level and moved up to the 103.40 level – similar to Friday’s move as well.

There is a report out this morning that the US Trade Deficit widened in July as retail inventories fell.  The Commerce Department reported that the trade gap increased 1.7 % to $65 billion in July.  And due to a significant tumble in shipments of motor vehicles; exports declined 1.3%.

If you are considering a refinance of your current mortgage or the purchase of a new home please be sure to contact us directly at 1-800-550-5538.

Mortgage Rates August 25, 2017

Mortgage rates for August 25th, 2017 are heading into the weekend at their best levels of 2017 due to a favorable bond market rally to finish the week.  Yesterday there was Existing Home Sales and Weekly Jobless Claims which did little to move the market. Today we had the Durable Goods report which came in weaker than expected and since that report bonds have been rallying which is good news for mortgage rates.  Today we’re seeing 30 year fixed mortgage rates below 3.875%, mortgage interest rate15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates are slightly improved compared to yesterday.

Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.625% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 2.875% (conforming, zero points).   The 10y yield opened the day at the 2.20% level however since this morning it has moved down to the 2.16% level. The 30y FNMA 3.5 coupon opened the day at the 103.25 level and moved up to the 103.40 level by afternoon.

Today we had the Durable Goods reading and that came in weaker than expected (-6.8 vs -6.0).  In other important news Janet Yellen gave a speech defending post-mortgage crisis regulation which is in stark contrast to the Trump’s Administration view.  Some feel that her speech effectively cancelled any chances of her winning a second term due to the rebuke of Trump’s economic views and plans for the next four years.

If you are looking to refinance or purchase a home please be sure to give us a call at 1-800-550-5538 for a no cost – no obligation quote.