In a little over 24 hours we’ll hear from the Fed. Heading into the two day meeting (starts today and finishes tomorrow) mortgage rates remain near their 2019 lows. Today’s mortgage rates are the best they’ve been since late 2017. With the Fed announcement Wednesday afternoon I would not expect any significant movements with mortgage rates prior to that.
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security Coupon FNMA 4.0 opened the day at 102.36 and the 10y Treasury yield started the day at the 2.60% level. After the open the 10y yield moved higher to 2.63% and the FNMA 4.0 coupon was down to 102.30. If there are any significant changes later today we’ll certainly update the post with that information.
California Mortgage Rates (Conventional)
California FHA Mortgage Rates
California Jumbo Mortgage Rates
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Economic Data – This Week:
Today 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.
If there are any significant movements with mortgage rates post Factory orders I’ll be sure to update the post for today.
Is Now A Good Time To Refinance:
Deciding when to refinance your current mortgage is an important financial decision. The good news for homeowners is that refinancing is much easier than it was even two – three years ago. Refinancing your mortgage in 2019 should start with knowing what you currently have (interest rate and term) and the current level of mortgage rates. Then figuring out what would be the reason to do a refinance.
Reasons to consider a refinance:
- Your interest rate is .50% or more higher than current mortgage rates
- Switching from a 30 year fixed to a 15 year fixed
- Getting rid of PMI or MI
- Combining a 1st and and 2nd mortgage
- Repairs to your home such as a new roof, windows etc.
- Renovating your home
- Medical or educational expenses.
If you are refinancing to lower your rate make sure you recoup the cost to refinance with two years. Avoid paying closing costs that will take more than two years to recover; especially ones that take 4+ years. If you’re moving to a 15 year fixed, make sure you can comfortably afford the higher payment (even with a lower rate your payment will most likely be higher).
When it comes to cash out loans; make sure the cash out is being used for some important. Something that will improve your life or is necessary. Avoid using cash out funds to buy a car, take a vacation or shopping.
The process to refinance your mortgage should only take 3-4 weeks. A lot depends on how fast you can provide the necessary documentation. Another important part is the appraisal and how fast that can get done (if an appraisal is needed).
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.