Mortgage rates for March 11, 2019 will start the week just above their recent lows as both Mortgage Backed Securities and Treasuries start the day in negative territory. Fixed rate mortgages are outperforming adjustable rate mortgages. This week there are a number of economic reports that might move mortgage rates and tomorrow is an important one; the CPI report. With mortgage rates near the lower end of their recent range the question is this; will mortgage rates bounce higher (as they’ve done previously) or will this be the week that the range finally gets broken and mortgage rates move lower?
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security Coupon FNMA 4.0 opened the day at the 102-08 and the 10y yield started the day at the 2.640 level. This morning we had the Retail Sales report which came in stronger than expected (although the revisions to last month were significantly worse).
FHA Mortgage Rates
Economic Data – This Week:
Today we have Retail Sales (January). On Tuesday we have the CPI report and there is a 10yr Note Auction. Wednesday there is the weekly Mortgage Market Index, Core Producer Prices report, Durable Goods and a 30yr Bond Auction. Thursday we have the weekly Unemployment Claims, Export and Import Prices and New Home Sales. Friday we have the Consumer Sentiment report along with the 1y and 5y Inflation Outlook.
This morning’s retail sales report came in stronger than expectations. Analyst expected a 0.0 reading however the reading came in at 0.2. Looking further into the report the revision to last months number was significant. The initial reading came in at -1.2% and it was revised with today’s report to a -1.6% decline. Retail Sales is an important economic report that can influence the Mortgage Backed Securities market. While today’s reading was better than expected it still was barely positive after the dismal report from December.
FHA Streamline Refinance:
If you have a FHA home loan currently you may want to consider doing a FHA Streamline Refinance. With mortgage rates near their one year lows it’s a great time to take a look at your refinance options to see if there is an opportunity to improve your financial situation. Especially if you currently have a 30 year fixed interest rate above 4.50%. We recently updated our website with specific information on how you can benefit from a FHA Streamline refinance (if you currently have a FHA loan). This is one of the best refinance programs in the industry and you generally can close in less than three weeks. Be sure to check out the requirements and if you have any questions please do not hesitate to ask.
Credit Report Tips For 2019:
We also updated our credit report section with some tips on how to improve your credit rating and dispute errors in 2019. Our credit report tips gives you the inside information on how mortgage companies view your credit report, the various credit score levels mortgage companies use and reveals the myth behind credit report inquires. In addition we discuss when and how to dispute credit report errors. Your credit score is a major factor when it comes to mortgage rates; with a little time and effort you can improve your score. We’ve looked at thousands of credit reports over the years and are happy to answer any questions you may have.
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.