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week ends with drop."time to lock."

Loan Originator Perspective

Today's jobs report surpassed expectations, but bonds retained most of yesterday's gains.  The drama over US/China tariffs MAY be easing, which won't help rates.  I am locking loans closing within 45 days for most clients.  -Ted Rood, Senior Originator

Today's Most Prevalent Rates

30YR FIXED -3.625-3.75%

FHA/VA - 3.375%

15 YEAR FIXED - 3.375%  5 YEAR ARMS -  3.25-3.75%

depending on the lender

Ongoing Lock/Float Considerations

2019 has been the best year for mortgage rates since 2011.  Big, long-lasting improvements such as this one are increasingly susceptible to bounces/corrections 

Fed policy and the US/China trade war have been key players.  Major updates on either front could cause a volatile reaction in rates

The Fed and the bond market (which dictates rates) will be watching economic data closely, both at home and abroad, as well as trade war updates. The stronger the data and trade relations, the more rates could rise, while weaker data and trade wars will lead to new long-term lows.  Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.


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