Mortgage Rates May 7, 2018

Mortgage rates for May 7, 2018 are starting off the week at similar levels seen last week. The 10y yield opened the day at the 2.94% level after last week’s FOMC decision not to raise interest rates (investors still think they will raise rates 2-3 times this year). This morning we had the Employment trends report which was slightly stronger than mortgage interest rateexpectations. Tuesday there is a 3 year Note auction. On Wednesday we have MBA Purchase and MBA Refinance data along with Core Producer Prices data. Later in the day there is an important 10 year Note auction as well. On Thursday we have the all important Core CPI reading, a 30 year bond auction and the finish the week on Friday we have Import and Export prices along with Inflation Expectations.

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 2.94% level and the FNMA 30y 3.5  coupon started off the day around the 99.11 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.