Interest rates remained relatively steady this past week, with an slight bias upwards. However, here we are today on the eve of tomorrow’s July Employment report. The MBS market is extremely nervous that tomorrow’s new jobs number will hit or even exceed 200K new jobs. This is evidenced by a run up today of almost .125% that is not factored into today’s National Average
The MBS and Treasury markets are not reacting because this increase in jobs is fantastic. Rather they perceive only that it is a move in the right direction that will allow the Fed to start reducing the amount of Mortgage Backed Securities (MBS) next month. Look for an update tomorrow if the volatility is extreme in either direction.
Freddie Mac announced this morning that mortgage interest rates slightly increased.
The National average the past week for a 30 year fixed was 4.39%, with an average cost of .70 points. A 15 year fixed raised to 3.43% with .70 points.
Remember, I ALWAYS have access to lower rates with lower costs than the National average!
To qualify your next Buyer, please have them call me at 1-408-957-7600 or share my contact info by e-mail or text.
Sincerely,
First Priority Financial Silicon Valley
Your Trusted Loan Advisor
NMLS: 230295
DRE 00942918
(408) 957-7600 x 101
Bill.Phillips@fpfmail.com
www.TrustedLoanAdvisor.com
NMLS #3257 Licensed by the California Department of Real Estate #00654852, Iowa MBK-2009-0087, Idaho MBL-4861, North Carolina L-148128, Ohio Division of Financial Institutions MBMB.850147.000, Oregon ML-3337, Washington CL-3257
