Mortgage rates for April 25th, 2019 are starting off the day a bit higher as a stronger than expected Durable Goods report is causing Mortgage Backed Securities to sell off. The good news is that the selling in the Mortgage Backed Securities market is not as intense as one might expect after a much stronger than expected Durable Goods reports.
Fixed rate Conforming mortgage terms and fixed rate FHA mortgage terms remain the most attractive options right now for those looking to refinance their current mortgage or purchase a home.
FHA Mortgage Rates
Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 4.0 started the day at 102.52, and FNMA 3.5 was at 100.86. The 10y Treasury yield opened the day at the 2.52% level. After the Durable Goods reports bonds continued to sell off; FNMA 4.00 moved down to 100.50 and FNMA 3.5 dropped to 100.80.
The 10y Treasury yield moved to just under 2.54%.
Economic Data This Week:
Today we have the Durable Goods Report for March and weekly Unemployment Claims. On Friday is the Advanced Q1 GDP and Consumer Inflation Expectations.
Durable Goods Report:
Expectations were for a reading of 0.8% increase and the actual reading came in at a 2.7% increase. Clearly a strong beat and much higher than last months reading which showed a 1.6% decline.
Good reading for the economy however it is a negative for mortgage rates.
Weekly Unemployment Claims:
Unemployment claims jumped significantly this week. The reading came in at 230,000 unemployment claims and expectations were for 200,000. Last week there was 192,000 unemployment claims.
Weekly Unemployment Claims won’t have an impact on mortgage rates unless we start seeing a significant trend higher and claims moving to 250k – 300k per week. While a jump to 230,000 claims is a big jump it’s still low compared to historical trends and the number has been very low for an extended period of time.
Economic Data Next Week:
On Monday we have the Core PCE report and the Personal Income report for March. On Tuesday we have Employment wages, Consumer Confidence and the Chicago PMI report. Tuesday is also the start of the Fed meeting.
On Wednesday we have the ADP Employment report, ISM Manufacturing PMI report and the FOMC rate decision. Thursday we have the ISM-New York Index and Factory Orders report. To finish off the week we have the BLS Employment report and ISM-Non Manufacturing report.
Local Realtor Spotlight:
If you are looking to purchase a home in Porterville, California then you’ll want to work with an experienced local Realtor. Here are a few Realtors you may want to consider.
Home Realty And Land Company:
Located at 120 N Main St, Porterville, CA 93257, Home Realty and Land Company is a local realty company covering the Porterville area and surrounding communities. Their direct number is (559) 784-4000.
Five Star Realty:
Five Star Realty is located at 208 North Main Street Porterville, CA 93257 and their direct number is (559) 527-1500. They are a well respected local real estate company with experienced and knowledgeable Realtors.
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.