Mortgage Rates October 2, 2017

Mortgage rates for October 2, 2017 are set to start the day at similar levels seen on Friday.  With a flat open to the bond market this morning we’re expecting to see 30 year fixed mortgage rates 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 mortgage interest raterates should be similar to Friday).  Friday we had the PCE reading, the Core PCE reading, the Chicago PMI and the University of Michigan Inflation reading.  Today we have ISM Manufacturing and Construction Spending.  Later in the week we have ADP Employment and the BLS Employment report (among others).

The bond market remains under pressure to start the month of October and until we see a significant reversal this will continue.  Mortgage rates remain above their 2017 lows however they remain below their 2017 highs.  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 3.75% on the 30 year fixed rate loan program (conforming, zero points) and on the 15 year as low as 3.00% (conforming, zero points).  The 10y yield started off the day at the 2.33% level and the FNMA 30y 3.5  coupon started off the day at the 103.00 level.

If you are looking to refinance your mortgage or purchase a new home please be sure to give us to call at 1-800-550-5538 for a no cost and no obligation quote.