Today’s Mortgage Rates:
Mortgage rates for July 24, 2019 – Conforming, FHA and Jumbo fixed mortgage rates for both refinance and purchase transactions. Overall mortgage rates continue to hover just above recent lows. The Mortgage Backed Securities market has been range bound (more on this below) as we move towards the end of July.
Next week is the FOMC meeting (Fed) and everyone is expecting the Fed to lower by .25%. It’s super important to remember this fact: The Fed lowering a .25% does not mean mortgage rates will automatically move a .25% lower. In fact mortgage rates may move higher post decision since the market has been anticipating a .25% cut.
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 102.39 and the FNMA 4.0 coupon started the day at 103.52. The 10y Treasury yield started the day at the 2.05% level.
It’s been a range bound week so far for bonds which is good news for the overall health of the bond market and consumer mortgage rates. Considering the long term rally that started all the way back in December 2018 it would not be surprising to see a significant reversal however that has yet to happen.
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Economic Data This Week:
Today 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.
Mortgage Market Index:
The Mortgage Market Index posted a decline compared to last week (490.8 vs 500.2) as both Refinance and Purchase applications slowed. The Refinance index came in at 1789.8 (vs 1827.3) as well as the Purchase Index (260.8 vs 265.1).
The average 30 year fixed rate with points came in at 4.08%.
Applications are slowing but overall the industry is still very busy as volume remains at elevated levels compared to 3-6-9 months ago. With mortgage rates low more homeowners are looking to refinance their home and more homebuyers are entering the market to purchase a home.
New Home Sales:
Expectations are for a 6.0% increase after a 7.8% decline last month.
Economic Data Next Week:
There are no major economic reports on Monday. On Tuesday we have the PCE and Core PCE report, Consumer Confidence, Pending Home Sales and the CaseShiller Report. Also on Tuesday is the start of the two-day FOMC meeting (the Fed). On Wednesday we have the weekly Mortgage Market Index, ADP Employment, Chicago PMI and the Fed decision. On Thursday we have the ISM Manufacturing PMI and weekly Jobless claims reports. On Friday we have the monthly Employment report along with Consumer Inflation Expectations (1y and 5y) and Consumer Sentiment reports.
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