Mortgage Rates February 7, 2018

Mortgage rates for February 7, 2018 remain slightly improved compared to the recent surge in mortgage rates.  Bond yields and mortgage rates were moving higher last week and on Monday the bond market help start are significant stock market selloff.  That in turn helped put a lid on bond yields for now as we move towards the end of the week.  mortgage interest rateToday we have the MBA Purchase and MBA Refinance reports, Consumer Credit for December 2017, Oil and a 10y Note Auction.  The 10y auction might play a significant role in moving the market and thus it’s something to keep an eye on.  At this point overall mortgage purchase and refinance volume seem unaffected by the rise in rates (per the MBA Purchase and MBA Refinance reports) however I would expect to see significant declines if mortgage rates remained this high for an extended period of time.

Currently we’re seeing 30 year fixed mortgage rates below 4.375%, 20 year fixed mortgage rates below 4.125% and 15 year fixed rates below 3.75%.  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 4.125% on the 30 year fixed rate loan program (conforming, 1 point), 20 year fixed 3.875% (conforming, 1 point) and on the 15 year as low as 3.50% (conforming, 1.25 points).  As mentioned the 10y yield started off the day at the 2.79% level and the FNMA 30y 3.5  coupon started off the day at the 100.53 level.

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