Mortgage Rates September 13, 2017

Mortgage rates for September 13, 2017 will start off the day at similar levels seen yesterday.  Yesterday there was no major economic data however today we have the MBA Purchase Index, MBA Refinance Index, the Core Producer Prices report along with a 30 year bond auction. As of this morning we’re seeing 30 year fixed mortgage rates below mortgage interest rate3.875%, 15 year fixed rates below 3.125% and 7/1 ARM rates below 3.375% (conforming, zero points) – the cost to obtain these mortgage rates might will be similar to yesterday.  

Overall mortgage rates remain near their 2017 lows as we move from Summer to Fall and lenders anticipate lending volume to increase.  The best California refinance mortgage rates are starting to spark the interest of many homeowners as loan volume for some lenders is picking up.  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, zero points) and on the 15 year as low as 2.875% (conforming, zero points).  

The 10y yield is starting off the day at the 2.17% level and the FNMA 30y 3.5 started off the day at the 103.36 level.  As mentioned yesterday it appears some traders are looking at a 2.16% yield on the 10y year as a moderately important ceiling; meaning they expect the 10y yield not to go above that level (or at least if it does it will reverse course back below 2.16%).  Yesterday that level was broken so it will be important to see if the yield can move back below 2.16%.

If you are looking to refinance your current mortgage or purchase a new home please be sure to give us a call at 1-800-550-5538.