Mortgage Rates At The Open:
Both Mortgage Backed Securities and the 10y Treasury yield opened in negative territory this morning however mortgage rates and terms should still be similar to what was offered yesterday. The FNMA 4.00 opened at 101.86 and the 10y yield opened at the 2.72% level.
For more in depth information on current mortgage rates please be sure to visit koloans.com
Today Is Fed Day:
Stop what you're doing at 2:00pm (EST) to hear what the Fed has to say about the economy; and their future expectations for economic growth. It's unlikely the Fed will raise today due to signs that the economy is slowing.
Why This Is Important To Mortgage Rates:
What the Fed says can have an impact on current mortgage rates. If the Fed says the economy is strong and growing above expectations then that would be bad for mortgage rates. If the Fed says they have some concerns about economic growth that could be good for mortgage rates. And we don't always see the affect immediately after their announcement - sometimes it takes a few days to see significant moves post Fed meeting.
ADP Jobs Report:
This morning's ADP jobs report came in better than expected. According to the report 213k jobs were created in January; and 63,000 of them were created by small businesses. Overall this was a good report for the economy. Even though many economic reports are showing a slow down with the US economy; the ADP and BLS jobs reports have not shown any slowdown in the economy. That may change on Friday when we get the most current BLS report.
Mortgage Index:
The weekly mortgage index moved lower as few people applied for both refinance and purchase mortgages. There is no clear indication as to why there was a decrease.
JB Mortgage Capital, Inc.:
If you are considering a home purchase or looking to refinance your mortgage please be sure to contact JB Mortgage Capital, Inc. for a no-cost/no obligation quote.
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