Today’s Mortgage Rates:
Mortgage rats for July 15, 2019 remain near 2019 lows as we move into mid-July. Conforming, FHA and Jumbo fixed mortgage rates are attractive for both purchase and refinance transactions. There are some important economic reports later in the week (more on this below).
And later this month is another Fed meeting and investors are trying to determine if the Fed will lower or remain on the current course. When it comes to mortgage rates and the Fed remember this important fact; the Fed does not set mortgage rates. There is a good chance mortgage rates will move higher if the Fed lowers later this month.
Because the Fed lowering is a positive for the economy and when it comes to mortgage rates there is a general rule of thumb to follow: positive economic news is a negative for mortgage rates and negative economic news is a positive for mortgage rates. Do mortgage rates follow this “rule” 100% of the time? Absolutely not but more often than not is does and because of that it would be wrong to anticipate mortgage rates moving lower if the Fed lowers later this month.
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 102.11 and the FNMA 4.0 coupon started the day at 103.38. The 10y Treasury yield started the day at the 2.11% level.
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Economic Data This Week:
Today we have the New York Fed Manufacturing report for July. On Tuesday we have the Retail Sales report, Import Prices and Export Prices. We also have the NAHB report on Tuesday. On Wednesday we have the Mortgage Market Index, Housing Starts and Building Permits. On Thursday we have the weekly Unemployment Claims report along with the Philly Fed Business Index report. On Friday we have the 5y Inflation Outlook and the 1y Inflation Outlook reports.
The “big” reports this week are the Retail Sales report and the Philly Fed Index. If the Retail Sales report comes in weak (below expectations) that might further support the assumption that the Fed will lower later this month. Depending on how these reports go mortgage rates might see an impact if these reports come in above or below expectations.
A stronger Retail Sales report might be enough to encourage the Fed to wait on lowering considering we’ve had a stronger than expected jobs report and CPI report.
On Friday we have the 5y and 1y Inflation Outlook – these two reports could also impact mortgage rates heading into the weekend.
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 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 koloans.com on daily basis and you can connect with him on social media: Twitter Rates01