Mortgage Rates September 7, 2017

Mortgage rates for September 7, 2017 remain at 2017 lows as the bond rally continues for another day.  Yesterday we had the better than expected the Purchase, MBA Refinance and ISM Non-Manufacturing reports.  Today it was Productivity, Labor Costs, Weekly Unemployment, Oil and a Draghi press conference.  This morning the bond mortgage interest ratemarket started slightly below yesterday’s levels however shortly after the open bonds rallied and yields dropped even further.

As of this morning we’re seeing 30 year fixed mortgage rates below 3.875%, 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 has lowered since Friday.  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).  Mortgage rates remain at 2017 lows.

The 10y yield opened the day at the 2.08% level and the 30y FNMA 3.5 coupon opened the day at the 103.79 level. As mentioned we had the Productivity, Labor Costs, Weekly Unemployment, Oil and a Draghi press conference.  Labor costs came in lower than expected and then there was the big rise in Weekly Unemployment Claims 298k vs 248k expected).

If you are looking to refinance or purchase a new home now is the best time in 2017!  Contact us directly for a no cost – no obligation quote: 1-800-550-5538.