Mortgage Rates October 6, 2017

Mortgage rates for October 6, 2017 are under pressure as we await the employment report. 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 should be similar to Wednesday).  Yesterday we had mortgage interest ratethe weekly unemployment numbers and the Factory orders report.  Later this morning we have the BLS Employment report.  Expectations for the BLS report are low; analyst are only expecting the BLS Employment report to show job growth at 93,000.  Analyst and investors are interested in the wage component of the report (higher wages/higher inflation = not good for bonds).  Last months report showed earnings growth at 0.1 and the expectations for this month are 0.3.  If wages come in below 0.3 it should be a positive for the bond 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 3.75% 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 2.36% level and the FNMA 30y 3.5  coupon started off the day at the 102.98 level.

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