Mortgage Rates May 1, 2018

Mortgage rates for May 1, 2018 are stable; trending slightly lower this week after a significant move up last week. The 10y yield opened the day at the 2.95% level as bond investors prepare for to FOMC announcement tomorrow. This morning we had ISM Manufacturing PMI which came in weaker than expected and was the second month in mortgage interest ratewhich it declined from the previous reading. Yesterday’s GDP reading of 2.3% was also a decline from the 2.5% growth in Q4 2017, and a further decline from the 3.2% GDP growth of Q3 2017. Later in the week we have ADP employment report, the FOMC rate decision, and the BLS Jobs Report. 

Currently we’re seeing 30 year fixed mortgage rates BELOW 4.50%, 20 year fixed mortgage rates BELOW 4.25% and 15 year fixed rates BELOW 4.00%.  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 4.25% on the 30 year fixed rate loan program (conforming, 1 point), 20 year fixed 4.00% (conforming, 1 point) and on the 15 year as low as 3.625% (conforming, 1 point).  As mentioned the 10y yield started off the day around the 2.95% level and the FNMA 30y 3.5  coupon started off the day around the 99.07 level.

Call us today for a no cost – no obligation quote at 1-800-550-5538.  We offer industry low mortgage rates and have a top rating with the Better Business Bureau and the Business Consumers Alliance.