Mortgage rates will start the day at similar levels seen yesterday as both Mortgage Backed Securities and Treasuries start the day in positive territory. Yesterday there was some pressure on the bond markets however that seemed to subside as the day went on. The average mortgage industry 30 year fixed rate right now is in the mid-high 4’s however as usual we are below that average. This morning the 10y yield opened up at the 2.71% level and the Fannie Mae 4.0 opened up at 101.91.
California Mortgage Rates (Conventional)
California FHA Mortgage Rates
Export prices and Import prices for December came in negative yesterday however we did not receive the Retail Sales report due to the government shutdown. Today we the Building Permits report along with Housing Starts and Philly Fed Index for January. There is also a 10y auction later in the day. To finish out the week we have Industrial Production, Consumer Sentiment and the 1yr and 5yr inflation outlook.
Next week; the markets are closed on Monday (Martin Luther King Day), on Tuesday we have Existing Home Sales for December. On Wednesday we have the MBA Purchase Index, the MBA Refinance Index, Monthly Home Prices Index and the MBA 30 year mortgage rate index. There are no significant economic reports on Thursday and on Friday we have the Durable Goods report.
First Time Home Buyer:
If you are a First Time Home Buyer (FTHB) you’ll want to be sure to work with a well established Realtor and reputable mortgage company that has an experienced Loan Officer. A well established Realtor will help you navigate the process; and it’s suggested that you work with a Realtor who is established as first time home buyer specialist. A Realtor who works with first time home buyers understands the needs of the market better than someone who usually works with people that have bought homes before.
The Mortgage Company:
In too many cases a first time home buyer ends up going with a too good to be true mortgage quote from a mortgage company that has a questionable reputation and/or a Loan Officer who doesn’t have a lot of experience and they end up with a much higher mortgage rate and higher costs. Take the time to review the online reputation of the mortgage company and the Loan Officer you’re working with. It’s also suggested you work with a Loan Officer that is willing to take the time to explain the process, your options and someone who is available to answer your questions.
Currently We Are Seeing:
30 year fixed mortgage rates below 4.25%, 20 year fixed mortgage rates below 4.125% and 15 year fixed rates below 3.625%. 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 get 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.
JB Mortgage Capital, Inc.:
We offer industry low mortgage rates, personal one-on-one service and we have an A+ rating with the Better Business Bureau. We also have the 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 Loan Officer. You can contact him directly at 1-800-550-5538.