Today’s Mortgage Rates:
Mortgage rates for July 17th, 2019 are stable however the risks for moving higher remain. Conforming, FHA and Jumbo fixed mortgage rates (refinance and purchase transactions) are low and mortgage application volume continues to be strong (more on this below).
As we move towards August it’s important to remember that if current mortgage rates “make sense” for your specific transaction then the prudent thing to do is to lock in terms and move forward. There are no guarantees the market will continue to move down.
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 102.16 and the FNMA 4.0 coupon started the day at 103.38. The 10y Treasury yield started the day at the 2.09% level.
After yesterday’s strong move to 2.12% (10y) it’s great to see the buyers step in and purchase bonds. This is a positive for Mortgage Backed Securities and mortgage rates and hopefully it will continue for the next few days.
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Economic Data This Week:
Today 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.
Mortgage Market Index:
The overall Mortgage Market Index came in at 500.2; down from last weeks reading of 505.8. Don’t let the small decline fool you; mortgage companies are swamped with application (refinance and purchase) and that will likely continue as mortgage rates remain near multi-year lows.
Expectations were for a reading of 1.261 million units (annual rate) and the reading came in at 1.253 million units. For home builders this is a bit disappointing as the low mortgage rates are not increasing demand for newly built homes.
The decline in housing starts may boost home prices as fewer new homes are on the market and demand to purchase an existing home remains strong.
Expectations were for an annual rate of 1.3 million permits however the reading came in way below expectations (1.22 million units – annual rate). It appears home builders are not very optimistic that potential homeowners will be looking to buy new homes in the next 6-12 months.
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