Mortgage Rates January 31, 2018

Mortgage rates for January 31, 2018 are starting off the day at slightly better levels then earlier in the week as the 10y yield tries to push back below the 2.70% level. Today we have the MBA mortgage purchase, MBA mortgage refinance, ADP employment, Employment wages, Chicago PMI, oil and the FOMC rate decision (some expecting mortgage interest ratethem to raise rates by 0.25%). Thursday we have weekly jobless claims,  ISM and Construction spending and on Friday we have the BLS employment report, wages and Factory orders.

The ADP report came in higher than expectations (185k vs. 234k) as well as Chicago PMI (64.1 vs. 65.7) however employment costs, wages and benefits all declined from the prior reading.  Currently we’re seeing 30 year fixed mortgage rates below 4.375%, 20 year fixed mortgage rates below 4.25% and 15 year fixed rates below 3.875%.  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 4.00% 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 2.70% level and the FNMA 30y 3.5  coupon started off the day at the 100.97 level.

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