Mortgage Rates August 9, 2017

Mortgage rats for August 9, 2017 will be a bit better as the market digests comments made by Donald Trump towards North Korea.  30 year fixed mortgage rates are below 3.875%, 15 year fixed rates are below 3.25% and 7/1 ARM rates are below 3.375% (conforming, zero points).  A select few “A” level borrowers (high credit scores, low loan to home mortgage interest ratevalue ratio and low debt to income ratio) 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 2.23% level and he 30y FNMA 3.5 coupon opened the day at the 103.37 level after Donald Trump proclaimed yesterday that if North Korea threatens the United States anymore then they will face “fire and fury…the likes of which this world has never seen before. ”  This is a clear threat and a red-line that was crossed an hour later when North Korea announced on their government run TV that they are examining how they can attack Guam.  Since then Donald Trump has bragged on Twitter about how much better our Nuclear weapons are compared to before he was President.  This is helping push bond yields down and mortgage rates are following. With his move no cost mortgage rates are becoming really attractive for some home owners and new buyers.

This morning we had the MBA Purchase Index and MBA Refinance Index readings and they were slightly above expectations and later today we have the 10y Note auction which in the past has moved the market.  Tomorrow we have the Producer Prices and the 30y auction.

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 along with top notch customer service.