Mortgage rates for April 19, 2019 are ending the week on a positive note. Overall Conforming and FHA fixed mortgage rates are finishing the week at lower levels (when compared to earlier in the week). It’s been a volatile month for mortgage rates as they’ve trended higher for most of April.
California Mortgage Rates (Conventional)
California FHA Mortgage Rates
California Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Bonds markets are closed today; here are the finishing levels from Thursday:
Mortgage Backed Security FNMA 4.0 finished the day at 102.47, and FNMA 3.5 finished the day at 100.72. The 10y Treasury yield finished the day at the 2.56% level.
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Economic Data This Week:
Today we have we have the Building Permits and Housing Start reports.
For the month of March, expectations were for Building Permits to come in at 1.3oo and the reading was 1.269. Housing starts came in at 1.139 however the expectations were for a reading of 1.230.
Overall the reports were a bit disappointing considering the significant move down in mortgage rates in March.
Economic Data Next Week:
On Monday we have Existing Home Sales and on Tuesday we have New Home Sales. On Wednesday we have the weekly Mortgage Market Index report and Thursday is the Durable Goods Report for March. On Friday is the Advanced Q1 GDP and Consumer Inflation Expectations.
Mortgage Rates Next Week:
Next week we’ll be looking to see if the bond mark can rally further and if so will it signal a near term top in bond yields and mortgage rates. And to clarify “near term top”: If you look back to January 2019 you’ll see bond yields and mortgage rates moved higher towards the end of the month (after moving lower since December).
Heading into February bond yields and mortgage rates improved however from February to late March bond yields tested higher levels periodically which is why many industry professionals described this period as being a “range”.
If the top of a new range can be confirmed next week then the question is what is the bottom of that range and how long will it last?
One major issue for mortgage rates moving forward is the US-China trade negotiations.
A resolution to the trade war would be a negative for mortgage rates (at least initially). However if it’s discovered that the trade deal is not as good as expected then the increase in mortgage rates might quickly reverse.
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.
To obtain the most up-to-date quote, specific to your loan scenario be sure to contact Loan Officer Kevin O’Connor at 1-800-550-5538 or you can submit a “Contact Us” request on the our website.