Mortgage Rates July 19, 2017

Mortgage rates for July 19, 2017 are set to start the day at similar levels seen on Tuesday.  The bond market yields opened slightly higher this morning as the market waits to hear from the ECB (they are meeting on Thursday).  The 10y yield opened the day at the 2.26% level and the 30 year FNMA 3.5 coupon was at the 102.86 level.  Generally speaking, 30 year fixed mortgage interest raterates are below 4.00%, 15 year fixed rates are below 3.25% and 7/1 ARM rates are below 3.50% (conforming, zero points).  

Data received so far this morning; Mortgage Market Index which increased to 416.7 from 391.9 in the prior month.  The MBA Refinance Index increased from 1210.5 to 1367.8 and the MBA Purchase Index increased from 242.8 to 245.5.   Later today we have the Building Permit numbers and Oil inventories.  The mortgage industry is still above the best mortgage rates of 2017 but not by much…..this could change after the ECB meeting being held on Thursday.

Tomorrow we have the Philly Fed Index and the always important 10y Note auction along with the weekly jobless claims numbers.  Politics are also something to keep an eye on; the recent move done in bond yields has been helped by the inability of the Federal government to move forward with health care legislation.  It has long been rumored that if they can’t pass health care they wont be able to pass significant tax reform as well.  Congress is about to take a month long recess without having passed infrastructure, health care, tax, immigration or any other major reforms that were promised during the 2016 campaign.  

If you are looking to refinance your current mortgage or purchase new home please contact us directly at 1-800-550-5538 for a no cost – no obligation quote.  We offer both fixed rate mortgages and adjustable rate mortgages along with industry low rates.  We have a top rating with the Better Business Bureau and with the Business Consumers Alliance.