Mortgage Rates August 17, 2017

Mortgage rates for August 17, 2017 are set to start the day at slightly better levels compared to Wednesday.  Rumors of a resignation from Gary Cohn and slightly weaker Industrial Production are helping push bond yields lower.  30 year fixed mortgage rates should start the day below 4.00%, 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 mortgage interest ratefor 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).

The 10y yield opened the day at the 2.24% level and quickly moved down to the 2.21% level.  The 30y FNMA 3.5 coupon opened the day at the 103.14 level and then moved to 103.25.  If the market continues to remain at these level applications in California to refinance current mortgages will increase.

This morning we had Philly Fed Index which came in slightly higher than expectations (18.9 vs. 18.5), Jobless Claims were lower than expectations (232k vs. 240k) and Industrial Production came in below expectations (0.2 vs 0.3).  Tomorrow we have the Consumer Sentiment reading.  Rumors of Gary Cohn resigning pushed yields lower first thing in the morning however recently the White House denied those rumors (market did not significantly reverse course after this).

Do you need a mortgage company for people with bad credit? Good news for those with a recent Chapter 13 Bankruptcy – we now offer a loan program that allows for a refinance even if your Chapter 13 BK was dismissed recently (no seasoning required).  So if you just finished your Ch. 13 bankruptcy and would like to refinance (cash out is allowed) please be sure to give us a call at 1-800-550-5538.