Mortgage Rates For January 24, 2019

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Mortgage Rates At The Open:

Mortgage rates will start the day at similar levels to yesterday as both Mortgage Backed Securities and Treasuries start the day in positive territory. Mortgage Backed Securities continue to trade in their recent range and the 10y yield opened the day at the 2.72% level which has been a recent floor. If the 10y yield can break through the 2.72% level, in a meaningful way, you might see a rally in Mortgage Backed Securities which could lead to better mortgage terms. Next week is the Fed meeting and odds are the market moves forward with a “wait and see” approach until the Fed decision on Wednesday.

Mortgage Rates - Conforming Loans

 

Mortgage Rates - FHA Loans

 

15 year fixed mortgage rate30 Year Fixed Rate vs A 15 Year Fixed Rate:

As we move into 2019 more and more people are looking into refinancing their current mortgage and some are looking to purchase a home. One of the first things some people consider is which loan program should I choose: a 30 year fixed rate or a 15 year fixed rate mortgage? We covered this topic on koloans.com previously and the biggest takeaway is that you need to consider what’s important to you and what you can comfortably afford when choosing between the two fixed rate loan programs. And if you’re a First Time Home Buyer (FTHB) you want to be cautious with jumping into a 15 year fixed rate mortgage. There are expenses associated with owning a home that you may not be expecting and it’s important.

Economic Data:

There are no significant economic reports on Thursday and on Friday we have the Durable Goods report. We might not get the Durable Goods report due to the Government Shutdown. Next week we have the Case Shiller Index and Consumer Confidence on Tuesday. On Wednesday we the ADP National Employment report and the Fed Decision. On Thursday we have the Core PCE report and Chicago PMI. On Friday we have the BLS Employment report and ISM Manufacturing PMI.

Next Weeks Fed Meeting:20 year fixed mortgage rate

One of the big expectations for next weeks Fed meeting is what they say about the current Government Shutdown. Specifically the Fed has routinely said that they are “data dependent” however the issue is they are not getting some of the data they need due to the Government Shutdown. I am guessing they will make the best of it in terms of what they say post meeting however I would think that somewhere in their press release there is a mention of the negative affect the current Government Shutdown is having on our economy and the affect it’s having on the Federal Reserve with respect to making decisions about the economy (due to the lack of data).

Currently We Are Seeing:

30 year fixed mortgage rates below 4.375%, 20 year fixed mortgage rates below 4.25% and 15 year fixed rates below 3.625%. 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 get 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.

30 year fixed rate mortgage 4.25%JB Mortgage Capital, Inc.:

We offer industry low mortgage rates, personal one-on-one service and we have an A+ rating with the Better Business Bureau (BBB). We also have the 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 Loan Officer. You can contact him directly at 1-800-550-5538.