Mortgage Rates Thanksgiving Week

Daily Mortgage Rate Update:

Thanksgiving week for mortgage rates is usually a stable period in which mortgage rates barely move. That being said; it’s not a guarantee and there have been times the market has moved. It’s unlikely the economic data will significantly move the market but if the market was to move significantly it would probably come from one or a combination of the following reasons:

  • China trade deal
  • Brexit
  • An unknown event

The China trade deal is the biggest risk for mortgage rates heading into the Thanksgiving holiday. A rock solid announcement that a “Phase One” deal has been reached will push mortgage rates higher. After the initial reaction to the deal markets will want know the details. If the “Phase One” deal is significant and the expectation is that it positively impact the economy than mortgage rates will probably continue to move higher as the bond marker would almost certainly sell off.

However, if the details showed the deal was limited in nature and most likely would have little to no impact on the economy you might start to see mortgage rates return to previous levels. That’s a big if and it could take months.

Wednesday is the big day for economic reports and we’ll get a good glimpse as to how the economy is performing heading into the 2019 holiday season.

I hope everyone has a happy Thanksgiving!

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Happy Thanksgiving

Mortgage Backed Securities & Treasury Snapshot:

November 25, 2019:

Mortgage Backed Security FNMA 3.0 started the day at 101.31 and the FNMA 3.5 coupon started the day at 102.61. The 10y Treasury yield started the day at the 1.77% level.

November 26, 2019:

Mortgage Backed Security FNMA 3.0 started the day at 101.52 and the FNMA 3.5 coupon started the day at 102.72. The 10y Treasury yield started the day at the 1.74% level.

November 27, 2019:

Mortgage Backed Security FNMA 3.0 started the day at 101.48 and the FNMA 3.5 coupon started the day at 102.69. The 10y Treasury yield started the day at the 1.74% level.

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Important Economic Data This Week:

Here we cover the daily economic events that might impact mortgage rates. After the report comes out we’ll update the post with that information and comment on if there is a potential impact on on the Mortgage Backed Securities market and consumer mortgage rates.

There are no major economic reports on Monday. On Tuesday we have Consumer Confidence and New Home Sales. On Wednesday we the weekly Mortgage Market report, Preliminary Q3 GDP, Durable Goods, Core PCE, Pending Home Sales and the weekly Jobless claims reports. The markets and lenders are closing Thursday and Friday and there are no major economic reports these days.

Consumer Confidence:

Last months reading came in at 125.9 and the market was expecting this months reading to come in at 127.0 however the reading came in at 125.5.

New Home Sales:

The market was expecting a reading of 709,000 units (annual rate) and the reading came in at 733,000 units (annual rate). Last months reading came in at 701,000 unites (annual rate).

Mortgage Market Index:

The overall index came in at 564.1; last weeks reading was 556.0. The Purchase component came in at 267.1; last week it was 270.4. The Refinance component came in at 2282.2 after last weeks reading of 2190.6.

Q3 GDP Prelim:

The reading came in higher than expectations; 2.1% vs 1.9%. Not a huge beat but nonetheless a beat. There was little to no market reaction to the GDP report.

Durable Goods Report:

Last month the report showed a decline of -1.2% and this months reports completely reversed course and showed a 0.6% gain. The market was expecting a -0.8% decline.

Jobless Claims:

This week’s report came in at 213,000 claims after last weeks reading of 221,000 claims.

Chicago PMI:

The reading came in higher than last month (46.3 vs 43.2) however it was still below expectations (47.0).

Core PCE:

Expectations were for a reading of 1.7% however the actual reading came in at 1.6%.

Personal Income:

Last months report showed a 0.3% growth however the most recent report showed zero growth (0.00%).

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).

A+ Rating With The BBB

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.

Family in front of their home

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.

Loan Officer Kevin OConnor

Loan Officer Kevin O’Connor:

Kevin grew up in California and works with clients throughout the state. From the initial quote to the application to the final closing; Kevin works directly with each and every homeowner and encourages his clients to ask questions so that they’re better informed. He updates on daily basis and you can connect with him on social media: Twitter Rates01