Mortgage Rates For July 16, 2019

Today’s Mortgage Rates:

Mortgage rates for July 16, 2019 are under pressure as a stronger than expected Retail Sales report pushed bond yields higher (more on this below). The good news for bonds and mortgage rates is that they remain within the recent range (for now) and that should help mortgage rates stay low moving forward. From an industry perspective; refinance and purchase transactions remain elevated as consumer demand for a low rate mortgage remains strong.

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 102.13 and the FNMA 4.0 coupon started the day at 103.36. The 10y Treasury yield started the day at the 2.09% level.

Post Retail Sales report the 10y yield moved higher and Mortgage Backed Securities sold off (more on this below).

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Economic Data This Week:

Today 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.

Retail Sales:

Expectations were for a o.1% increase (last month’s reading was 0.5% increase) and the final reading came in at 0.4%. The stronger than expected report pushed the 10y higher to 2.12%. The stronger data (Retail Sales, CPI and Employment) might push mortgage rates higher as we move further into July.

Import and Export Prices:

Expectations for Import Prices to come in at a decline of -0.7% and Export expectations were for a reading of -0.2%. The reading for Import Prices was -0.9% and the reading for Export Prices was -0.7%.

NAHB Housing Index:

This report comes out later in the day and if it has an impact on mortgage rates I’ll update today’s post. Expectations were for a reading of 64, and last months reading came in at 64. With how low mortgage rates have moved in 2019 it would not be surprising to see a strong report. And then tomorrow we have the Housing Starts and Building Permits reports as well. Low mortgage rates should help elevate these numbers however there is always a chance that the data will disappoint.

Purchase application was strong last week and will probably continue to be strong as we move further into summer. Low mortgage rates and good employment growth are important factors that are helping to increase the number of loan applications mortgage companies are receiving.

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