It looks like we’re going to finish the week off at the lowest levels of 2019. Mortgage rates for March 15, 2019 are not only at the best levels of 2019 but they are at the best levels in over a year. 30 year fixed, 20 year fixed and 15 year fixed mortgage rates are the most attractive mortgage terms right now. If you currently have an FHA home loan you might want to consider a FHA Streamlined Refinance. It’s one of the best refinance programs in the country. No income documentation, no appraisal and a super fast closing (you must currently have a FHA home loan to qualify). Generally you can close in less than three weeks.
UPDATE: The bond markets continue to rally late morning as the 10y yield has moved below 2.60% (as low as 2.58%). Mortgage Backed Securities are also improved however the rally is less significant.
FHA Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security Coupon FNMA 4.0 opened the day at 102.22 (or 102-07) and the 10y Treasury yield started the day at the 2.62% level. We’re finishing the week near the top of the range for FNMA 4.0 and at the bottom of the range for the 10y yield (MBS uses price and Treasuries reflect yields).
Economic Data – This Week:
Today we have the Consumer Sentiment report along with the 1y and 5y Inflation Outlook. If these reports have an impact on mortgage rates or the bond market I’ll update the post with that information. Overall it’s been a good week for economic data with respect to how they influence mortgage rates. Next week we have the all-important Fed meeting.
We’ll be focused on what the Fed has to say about the economy, future expectations and their plans for their balance sheet reduction program. And for those that are new to koloans.com: the Fed does not set mortgage rates; that begins with the Mortgage Backed Securities market. However the Fed does have an influence over the direction mortgage rates move (more specifically the direction in which the bond market moves (Mortgage Backed Securities).
Economic Data – Next Week:
On Monday we have the NAHB Housing Market Index for March. On Tuesday we have Factory orders (ex-transportation) for January and the start of the Fed meeting. Wednesday is the weekly Mortgage Market Index and the Fed decision. On Thursday we have the weekly Unemployment claims report along with the Philly Fed Business Index for March. to finish off the week we have Existing Home Sales and Wholesale Sales and Inventories.
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.