Today is Fed Day!
The Fed announcement is at 2:00pm today and heading into that mortgage rates are at their best levels of 2019. In fact, mortgage rates for March 20, 2019 are the lowest they’ve been in over a year. Will today’s Fed announcement push them lower? Hard to say and we’ll have to wait and see. For all the latest news on the Fed announcement and how mortgage rates react please be sure to visit our Fed meeting March 2019 post. I’ll be updating the post throughout the day as news comes in and pass along any significant shifts in mortgage rates.
UPDATE – Be sure to visit our Fed Meeting March 2019 page; lots of great news for mortgage rates!
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security Coupon FNMA 4.0 opened the day at 102.41 and the 10y Treasury yield started the day at the 2.58% level. If the announcement from the Fed is bond market friendly we could see a significant rally pushing the 10y yield much lower. That being said it’s difficult at best to predict what the Fed will say and how the bond market will react.
FHA Mortgage Rates
Jumbo Mortgage Rates
We’ll be keeping an eye on how the bond market reacts to the Fed announcement. Generally speaking the Fed does not like to surprise the markets and for weeks prior to the the meeting news trickles out about what Fed members are thinking prior to the actual meeting. However there are times that parts of the Fed announcement are a surprise and when that happens bond markets move and usually mortgage rates follow.
Economic Data – This Week:
Today we have the 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.
Mortgage Market Index:
This mornings data came in stronger than last week which is good news for the mortgage industry and housing industry. The overall Mortgage Market Index came in at 390.00 and last week it came in at 384.00. The Mortgage Market Refinance Index came in at 1146.8 and last week the reading came in at 1108.3. The Purchase Market Index came in at 251.5 and last week’s reading was 250.8.
Despite mortgage rates being low, loan application volume has been low in 2019. If 30 year fixed mortgage rates were to move below 4.00% many industry professionals believe the loan application volume would pick up.
Local Realtor Spotlight – Eureka:
If you are buying a home in Eureka (or looking to sell a home) you might want to consider the following local Realtors.
Ming Tree Realtors:
Ming Tree Realtors is located at Ming Tree, Realtors – Eureka Office, 509 J St, Eureka, CA 95501 and their direct number is (707) 445-4500. They also have an office located at 1543 Main Street in Fortuna, California.
Mikki Moves Real Estate:
Mikki Moves Real Estate has two locations:
- Humboldt County Office – 805 7th Street, Eureka CA 95501 and their direct number is (707) 515-6683
- Sonoma County Office – 2322 Midway Drive, Santa Rosa, CA 95405 and their direct number is (707) 515-6695
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.