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.