Today’s Mortgage Rates:
Mortgage rates for July 26th are finishing off the last full week of July a bit higher than yesterday. This morning’s stronger than expected GDP report and yesterday’s bond market selling are the reasons for the move higher.
Is this move higher going to continue?
It’s too early to tell as the move is within the range the market has been in for most of July. Next week will be an important week for bond markets and mortgage rates. Not only is there the Fed announcement but several key economic reports (more on this below).
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 102.30 and the FNMA 4.0 coupon started the day at 103.48. The 10y Treasury yield started the day at the 2.07% level.
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Economic Data This Week:
Today we have the Advanced Q2 GDP report.
Advanced Q2 GDP Report:
Expectations were for a 1.8% increase and the actual reading came in at 2.1%. Q1 GDP came in a 3.1%. The higher than expected reading caused a wave of selling the bond market and brings into question how “dovish” can the Fed be with a 2.1% GDP reading.
Economic Data Next Week:
Next week is going to be very important for bond markets and mortgage rates. Here is what is slated on the economic calendar:
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