Mortgage rates for today will be similar to the end last week as mortgage rates remain near their recent lows. Conforming 30 year fixed and 15 year fixed mortgage rates remain the most attractive as loan application volume continues to increase.
Over the next week or two we’ll see if mortgage rates establish a range similar to what happened between late January 2019 to March 2019 and if so what will that range look like. Having a period of stability is good for mortgage rates and hopefully it’s something we’ll see moving forward.
California Mortgage Rates (Conventional)
California FHA Mortgage Rates
California Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 4.0 opened the day at 102.73, and FNMA 3.5 opened the day at 101.13. The 10y Treasury yield started the day at the 2.50% level.
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Economic Data – This Week:
Today we have Factory orders, on Wednesday we wave the weekly Mortgage Market Index and Core CPI. On Thursday we have Core Producer Prices and on Friday we have Import and Export Prices along with 1yr and 5yr Inflation Outlook.
Core Consumer Price Index Report:
On Wednesday is the Core CPI report and is one of the major economic reports that can influence mortgage rates. If the report is mortgage rate friendly (meaning the inflation report comes in below expectations) that might help establish the top end of the range as mortgage rates might improve after a favorable report.
Reasons To Consider A Refinance:
With mortgage rates near their two year lows many people are asking is it a good time to refinance their current mortgage. The simple answer is yes for some homeowners and no for others. Here is a generally list of reasons a homeowner may want to consider a refinance of their current mortgage:
- Current Mortgage rates are .375% or more lower than their current rate
- A homeowner would like to switch from a 30 year fixed to a 15 year fixed mortgage (or vice versa)
- To payoff high interest debt
- Cash out to improve the home
- To get ride of Private Mortgage Insurance (PMI) or Mortgage Insurance (MI)
- The current mortgage has an adjustable rate and the homeowner would like to lock in a fixed rate mortgage
Some might think they need at least a 1% decline in rate to see a benefit and that simply is not the case for every situation. There are homeowners that can save thousands of dollars of interest per year by lowering their interest rate a .375% – .50%. So if current mortgage rates are at least .375% lower than your current rate you might want to consider looking at your options to see if a refinance makes sense.
JB Mortgage Capital, Inc.:
We offer industry low mortgage rates for both refinance and purchase transactions, personal one-on-one service and we have an A+ rating with the Better Business Bureau (BBB). We also have a top rating with the Business Consumers Alliance (AAA). We utilize the latest technology to ensure a fast closing and Loan Officer Kevin O’Connor has over 14 years of experience as a mortgage professional.
When it comes to mortgage rates please keep in mind that mortgage rates adjust daily; sometimes they adjust multiple times in a day when the bond market is volatile.Also things like obtaining cash out, lower credit scores, higher Loan-To-Value ratios, rental properties and the subordination of a second mortgage will cause in an increase in your mortgage rate.