July 2019 Mortgage Rates:
Mortgage rates continued to move down entering July, 2019. 30 year fixed mortgage rates are finishing off June, 2019 below 4.00% and 15 year fixed mortgage rates and finishing off the month below 3.375% (Conforming loans, excellent credit, low to moderate LTVs, purchases and rate/term refinances).
Going into July we are focused on three key areas that may have influence of mortgage rates.
July 2019 mortgage rate watch:
- The Economy: To the surprise of many certain key aspects of the economy remain strong. The Employment report and CPI report came in better than expected and showed that there still are bright spots within the US economy. However problems remain and some investors believe the Fed will move forward with a cut later this month.
- Europe: Like the US there have been several reports recently that have surprised investors and analyst (they came in stronger than expected) however several European countries have negative yields which reflects the overall weakening of the European economy.
- Trade with China: This is probably the biggest “threat” to mortgage rates as we move further into summer. A trade deal agreement could significantly impact mortgage rates due to the expectation that a trade agreement with China would go a long ways to solving most economic issues.
Current Mortgage Rates:
Below is a listing of our current Conforming, FHA and Jumbo mortgage rates. For a detailed report on current mortgage rates please visit our current mortgage rates section (updated daily). If you are interested in an Adjustable Rate Mortgage and/or a Jumbo loan program please be sure to contact us for an updated quote.
Mortgage Rates - Conforming Loans
Mortgage Rates - FHA Loans
Mortgage Rates - Jumbo Loans
July 2019 Mortgage Rates
Why You Should Work With JB Mortgage Capital, Inc.
Request A Quote
Mortgage Rates For July 2019 – Cont’d
July 2019 Mortgage Rate Economic Calendar
Below are the important dates for economic reports that may affect the Mortgage Backed Securities market and mortgage rates. As we move closer and into April we’ll update the Calendar.
- July 01: ISM Manufacturing PMI for June
- July 02: ISM-New York Index
- July 03: ADP Employment report, Mortgage Market Index, ISM Non-Manufacturing PMI and Jobless claims
- July 05: Employment report
- July 08: Consumer Credit May 2019
- July 09: Fed Chairman Powell speech
- July 10: Weekly Mortgage Market Index, Wholesale Sales, Wholesale Inventories, 10y Note Auction and FOMC Minutes
- July 11: Core Consumer Prices Index (CPI), weekly Jobless Claims, 30y Bond Auction
- July 12: Core Producer Prices (CPP)
- July 15: NY Fed Manufacturing for July
- July 16: Retail Sales for June, Import Prices, Export Prices and NAHB Housing Market Index
- July 17: Weekly Mortgage Market Index, Housing Starts and Building Permits
- July 18: Philly Fed Business Index, weekly Jobless claims and 10y Auction
- July 19: 5y Inflation Outlook, 1y Inflation Outlook and Consumer Sentiment
- July 23: Monthly Home Prices and Existing Home Sales
- July 24: New Home Sales and weekly Mortgage Market Index
- July 25: Weekly Jobless claims
- July 30: Core PCE, Personal Incomes, Case Schiller, Consumer Confidence
- FOMC decision (Fed), ADP Employment report
- BLS Employment Report
- ISM Manufacturing PMI
- Core CPI
The above three reports tend to have the most influence over the Mortgage Backed Securities Market and mortgage rates. Additional “important” reports include Retail Sales and Durable Goods.
Mortgage rate forecast for July 2019:
We expect mortgage rates to remain stable during the month of July. Risks to mortgage rates moving higher include a resolution of the trade war with China, and improving economic conditions both in the US and Europe.
July 2019 mortgage rate average expectations:
- The average 30 year fixed mortgage rate for July 2019 is anticipated to be below: 4.00%
- The average 20 year fixed mortgage rate for July 2019 is anticipated to be below: 3.875%
- The average 15 year fixed mortgage rate for July 2019 is anticipated to be below: 3.375%
*the mortgage rate averages are averages anticipated by JB Mortgage Capital, Inc.; these are not national survey numbers.
Mortgage Pro Tips For July 2019
Mortgage Pro Tip #1:
If you are doing a refinance or purchase be prepared. Being prepared could save you thousands of dollars in fees and interest. For those refinancing here is a list of documentation you need to refinance your home. And if you are buying a home here is a list of documentation you need to purchase a home. Being prepared will save you time and money.
Mortgage Pro Tip #2:
Do you have a FHA home loan and are you thinking of refinancing your mortgage? I highly suggest you consider a FHA Streamline Refinance. It simply is one of the best refinance programs in the country. If you have a FHA home loan then you may be eligible for this special refinance program. Two important highlights: No income docs and no appraisal.
Mortgage Pro Tip #3:
To a certain point this is true; the higher your credit score the lower your mortgage rate. If you are buying a home or refinancing a current mortgage take the time to review your credit if you are unsure what your current report looks like. And if you need credit report tips then be sure to check out our credit report tips for 2019 post. Along with how to improve your credit score we cover a wide variety of topics including how mortgage companies view your credit report and score.
Monthly Mortgage Rate Summary:
June 2019 Mortgage Rates
May 2019 Mortgage Rates:
The month of May was good to mortgage rates. The 10y yield moved from 2.54% to 2.18% and with that the Mortgage Backed Securities market rallied as well. Mortgage rates moved significantly lower during this time period and mortgage loan applications increased as well.
And the rally in bonds happened after a much stronger than anticipated jobs reports. Expectations were for 185,000 jobs created and the reading came in at 263,000 jobs created. However like the previous month; earnings increased less than expected (which was good news for bonds and mortgage rates).
As we moved further into May the bond market rally continued to improve and mortgage rates continued to move lower. By the end of the month we were seeing mortgage rates approach multi-year lows and mortgage loan application volume remained strong.
April 2019 Mortgage Rates:
Towards the end of March and all the way into mid-April bond’s sold off and mortgage rates moved higher. The move was not surprising in that mortgage rates had already moved significantly lower from December – March and at some point a bounce higher was expected.
The 10y Treasury yield moved from 2.40% to 2.60% in a very short period time however the market eventually leveled off and after mid-April a new rally began.
The Employment report that came out April 5th, 2019 was stronger than expected. Expectations were for 180,000 jobs created and the reading came in at 196,000 jobs created. Also the previous was revised higher as well.
Annual Core CPI came in lower than expected on April 10th, 2019 however it was not enough to stop the selloff in bonds which was causing mortgage rates to move higher.
For Complete Monthly Coverage
JB Mortgage Capital, Inc.:
If you are looking to refinance your current mortgage or purchase a home please be sure to contact us for a no-cost/no-obligation quote. We offer industry low mortgage rates, personal one-on-one service and exceptional customer service. We’ve been helping homeowners achieve their dreams since 2007. We have an A+ rating with the Better Business Bureau (BBB) and we’re AAA rated with the Business Consumers Alliance. You can contact us directly at 1-800-550-5538.
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