Mortgage Rates August 22, 2017

Mortgage rates for August 22, 2017 are set to start the day a bit worse compared to yesterdays level.  Yesterday there was no economic data reported and today we only the monthly Home Prices report (more on that below).  Over the last month we’ve seen a slow steady decline in bond yields and mortgage rates.  The 10y and Mortgage Backed Securities are near mortgage interest ratean important trading point for investors so we may seem some volatility in the near future.  30 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 slightly higher than 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 loan program (conforming, zero points) and on the 15 year as low as 3.00% (conforming, zero points).  Current California mortgage rates  are the best they’ve been in 2017; and right near the best mortgage rates we’ve seen since the election in November 2016.

The 10y yield opened the day at the 2.20% level and the 30y FNMA 3.5 coupon opened the day at the 103.22 level.  As mentioned yesterday – later in the week we have MBA Purchase index, MBA Refinance Index, New Home Sales, Oil, Existing Home Sales, Weekly Unemployment, and Durable Goods.  Today we had the monthly Home Prices report and it came in weaker than last month (o.1 vs 0.4 percent monthly increase).  Mortgage rates will not be affected by this report. 

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 with excellent customer service.  We have a top rating with the Better Business Bureau and the Business Consumers Alliance.