Mortgage Rates November 1, 2017

Mortgage rates for November 1, 2017 are set to start the day at similar levels seen on Tuesday.  The 10y yield opened the morning trading session at the 2.39% level however it has since move down to the 2.38% level in early morning trading.  Yesterday we had Employment Costs, Employment Wages and Employment Benefits and all three came in mortgage interest ratehigher than the previous month.  We also had the Chicago PMI and Consumer Confidence and these readings also came in higher.  This morning we had the ADP employment report which came in at 235k jobs creates; 35k more than expected however last months report was lowered from 135k to 110k (which is good news for bonds).  Later today we have the FOMC announcement however no one is expecting any major news; although most people think the FOMC raises rates in December.

Currently we’re seeing 30 year fixed mortgage rates remain below 4.00%, 15 year fixed rates below 3.25% and 7/1 ARM rates below 3.375% (conforming, zero points) to start the day (the cost to obtain these mortgage rates will be similar to yesterday).  As mentioned yesterday: “Until we start to see bonds stabilize from the selling that started in early September lenders are going to be hesitant to pass along improvements….2 or 3 days of positive trends is not enough; we’ll need to see a week or two of steady improvements in bonds for lenders to feel more at ease about the market.”

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 3.625% on the 30 year fixed rate loan program (conforming, 1 point) and on the 15 year as low as 3.00% (conforming, 1 point).  As mentioned the 10y yield started off the day at the 2.39% level and the FNMA 30y 3.5  coupon started off the day at the 102.70level.  

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.