Mortgage Rates For January 7, 2019

Mortgage rates for January 7, 2019 will start off the week a bit better than Friday as Mortgage Backed Securities (MBS) started the day in positive territory and the 10y yield was at the 2.63% level to start the morning. Recent headlines suggest that the US and China might be nearing an “agreement” have not had much effect on the market.

This is good news for bonds and mortgage rates as there was some concern that mortgage rates would reverse course on a new trade agreement. That still may happen but for now the headlines are having no negative effect on mortgage rates.

Home sweet home

“Should I Refinance?”:

With mortgage rates near one year lows many are asking is now the right time to refinance? For some the answer is yes however a lot depends on your current rate, the costs you paid at closing and your short to long term objectives with the home. In our article we discuss some of the guidelines a homeowners should follow when making a decision.

FHA Mortgage Rates

Avoid These Mistakes:

Two mistakes you’ll want to avoid when making a decision to refinance your current mortgage is thinking it’s only worth refinancing if you have “huge” rate drop and the other is thinking that we need to see 30 year fixed rates and/or 15 year fixed rates back at all time lows before moving forward with a refinance.

There are so many opportunities to save when refinancing even if you only see a moderate drop in your mortgage rate. Also a consideration is refinancing to a shorter term, say from a 30 year fixed to a 20 year fixed, to take years off your mortgage. Some people even see no to a little increase in their monthly payment.

If you’re paying $1,800 per month for your mortgage and you take as little as 2 years off by refinancing you’ll save $43,200 (example is if you have 22 years left on a 30 year mortgage and refinance into a 20 year mortgage).

Economic Data:

Today we have the Factory Orders and  ISM Non-Manufacturing. On Tuesday we have Consumer Credit. On Wednesday we have an updated Oil report, Mortgage Market Index, Refinance and Purchase and an important 10y auction. The next day we have Wholesale Inventories and Wholesale Sales. To finish off the week we have the very important Core CPI report which could be a market mover.

Currently We Are Seeing:

30 year fixed mortgage rates below 4.25%, 20 year fixed mortgage rates below 4.125% and 15 year fixed rates below 3.625%. Mortgage rates adjust daily; sometimes they adjust multiple times in a day when the bond market is volatile.

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.

At JB Mortgage Capital, Inc. we offer residential mortgage loans on 1-4 unit properties for both purchase and the refinance of a current mortgage. We have fixed rate mortgage loan programs and adjustable rate mortgage loan programs.

Government Shutdown:

No end in sight when it comes to the government shutdown. Mick Mulvaney, Acting White House Chief Of Staff, said he believes the stalemate will go on a lot longer than initially anticipated. He believes the two sides are far apart with no resolution in sight. The President stated that he may invoke emergency powers to fund building the wall. He also went on to say the he’ll keep the government shutdown for months or years if needed.

JB Mortgage Capital, Inc.:

If you are looking to refinance your current mortgage or if you are purchasing a home please be sure to give us a call so that we may provide a no-cost/no-obligation quote. We offer industry low mortgage rates, personal one-on-one service and we have an A+ rating with the Better Business Bureau. We utilize the latest technology to ensure a fast closing and veteran 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.

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About Loan Officer Kevin O'Connor

About Loan Officer Kevin O'Connor

He is the founder and main contributor of He has over 15 years of experience as a Mortgage Loan Originator (MLO) and is a fully licensed with the state of California and the Nationwide Mortgage Licensing System (NMLS). He has a top rating with the Better Business Bureau and a top rating with Zillow. He continually delivers the results homeowners are looking for; low rates, fast closings and exceptional service: "Helping Homeowners Achieve Their Dreams"  CA DRE #01499872 and NMLS # 247447