Mortgage Rates For Jul 23, 2019

Today’s Mortgage Rates:

Mortgage rates are stable as Conforming, FHA and Jumbo fixed mortgage rates remain near recent lows. Yesterday’s announcement that a budget deal has been reached had no impact on bonds and mortgage rates despite the fact that the deal increased spending by nearly $400 billion.

The budget deal was reached between the President and leaders of Congress. It appears it’s going to be an uphill battle to secure support with the rank and file members of Congress. Why would a spending increase be a negative for mortgage rates? Because an increase in spending will result an increase the deficit which means an increase in the amount of money the government has to borrower. That means there will be an increase in supply which has a negative impact on bond yields and thus on a negative impact on mortgage rates.

Mortgage Rates - Conforming Loans

Mortgage Rates - FHA Loans

Mortgage Rates - Jumbo Loans

Mortgage Backed Securities and Treasury Snapshot:

Mortgage Backed Security FNMA 3.5 started the day at 102.38 and the FNMA 4.0 coupon started the day at 103.48. The 10y Treasury yield started the day at the 2.05% level.

Post data release the 10y yield was at 2.07% on very light volume.

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Economic Data This Week:

Today we have monthly Home Prices and Existing Home Sales. On Wednesday we have the weekly Mortgage Market Index and New Home Sales report. On Thursday we have Durable Goods and on Friday we have the Advanced Q2 GDP report.

Home Prices:

Last months readings came in at a 5.2% increase (annual) and 0.4% increase (monthly). The reading came in at a 5.0% increase (annual rate) and a 0.1% increase (monthly). A disappointing report for housing and it appears we could see a decline next month. That being said; home prices have been going up for years and it would be healthy for the market if prices paused and pulled back a bit.

Existing Home Sales:

Expectations are for an annual rate of 5.33 million home sales and a 0.2% drop in month of month sales. Another disappointing report as the report showed a decline of 1.7% and 5.27 million in home sales (annual rate for 2019).

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.

Loan Officer Kevin OConnor

Loan Officer Kevin O’Connor:

Kevin grew up in California and works with clients throughout the state. From the initial quote to the application to the final closing; Kevin works directly with each and every homeowner and encourages his clients to ask questions so that they’re better informed. He updates on daily basis and you can connect with him on social media: Twitter Rates01