Mortgage Rates August 15, 2017

Mortgage rates for August 15, 2017 are set to start the day a bit worse than yesterday as bond yields move higher.  Rumors that the North Korean issue has been “resolved” and stronger date this morning are pushing bond yields higher and prices lower.

mortgage interest rate30 year fixed mortgage rates should start the day 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 rates will be higher today compared to yesterday. Mortgage rates for some “A” level borrowers (high credit scores, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 3.75% on the 30 year fixed loan program (conforming, zero points) and on the 15 year as low as 3.00% (conforming, zero points).  California refinance mortgage rates remain very attractive and are still near their 2017 lows. 

The 10y yield opened the day at the 2.28% level and he 30y FNMA 3.5 coupon opened the day at the 103.13 level.  This morning we had Retail Sales which came in stronger than expected (0.6 vs expectations of 0.4), Export Prices came in higher than expected (0.4 vs 0.2), Import Prices came in as expected (0.1 vs 0.1), NY Fed Manufacturing came in stronger than expected (25.2 vs 10.0) and the NAHB Housing Market Index was stronger than expected (68 vs 65).  The move higher in bond yields and mortgage rates is not surprising considering the readings this morning but also some say the market was due for a bounce after hitting 2017 lows in mortgage rates.

If you are considering a refinance of your current mortgage or if you are looking to purchase a new home please be sure to contact us directly at 1-800-550-5538 for a no cost – no obligation quote.  We offer industry low mortgage rates and we’re a top rated company with the Better Business Bureau.