Mortgage Rates July 31, 2019

Today’s Mortgage Rates:

Today’s mortgage rates are starting off the day at similar levels to yesterday as the bond market waits for the Fed decision later today.

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 102.34 and the FNMA 4.0 coupon started the day at 103.52. The 10y Treasury yield started the day at the 2.05% level.

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Economic Data This Week:

Today 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.

Mortgage Market Index:

The Mortgage Market Index declined again this week; the reading came in at 484.0 (last weeks reading was 490.8).  The Purchase Index declined from 260.8 to 253.0 and the Refinance Index increased from 1789.8 to 1791.2.

The overall national average 30 year fixed rate (with points) remained at 4.08%. At JB Mortgage Capital, Inc. we are well below the national average which great news for our clients.

ADP Employment:

Expectations were for a reading of 150,000 jobs created and the actual reading came in at 156,000 jobs created. The previous months reading was revised higher; 102,000 to 112,000.

Chicago PMI:

Expectations were for a reading of 50.6 (last months reading was 49.7) and the actual reading came in at 44.4. An important regional report that is showing significant declines as we move further into 2019. Back in February the reading came in at 64.7 so this is a rapid decline.

Fed Decision:

At 2:00pm EST the Fed will release their decision and everyone is expecting a .25%. Could they go bigger? Absolutely but that is unlikely.

Does a .25% cut mean mortgage rates will go a .25% lower? No.

There are two reasons:

  • The market has already anticipated this move weeks ago so the market is currently at levels in which the Fed lowers by .25%
  • The Fed does not set mortgage rates; mortgage rates originate in the Mortgage Backed Securities market.

We’ll have all the updates post release.

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 koloans.com on daily basis and you can connect with him on social media: Twitter Rates01