February 2019 Mortgage Rates

Written by Posted On Thursday, 14 February 2019 13:51

Home 4Today's Mortgage Rates:

Heading into today mortgage rates were moving higher as the bond market was selling off. Enter the Retail Sales report from this morning and now things have changed. Today's mortgage rates are improved compared to yesterday's levels due to significantly weaker than expected Retail Sales report (more on this below). For three straight days bonds sold off on worries that the economy was not as weak as expected. The 10-year yield nearly broke 2.72% and Mortgage Backed Securities were just above their recent lows. Also on the radar was the Government Shutdown; or lack there of. Yesterday it was reported that the President would sign the bill moving through Congress however he received a lot of blowback from his base so later in the day the White House declared the President was not sure if he would sign the bill or not. Fixed rate mortgages, both the 30 year fixed and the 15 year fixed, are very attractive right now as we enter the middle of February. Despite these low interest rates mortgage application volume for both refinance and purchase applications remains low. If that continues you might see lenders get even more competitive with interest rates however that is also dependent on where the market is at and where it might be headed.

Retail Sales:

This mornings report was the worst report in nearly 10 years. Rather positing an increase in sales the report came in at decline of 1.2%. Considering this was for the month of December, the busiest shopping month of the year, many people are concerned. Simply put; the report sent shockwaves through Wall Street. Was this a one time event that will reverse course in January or is this the beginning of a dangerous trend? With housing and auto sales struggling and now retail sales; are we in the early stages of a significant slow down in the U.S. economy? Lots of questions and so few answers. Keep an eye on January's report; if that report is weak then we will probably see a growing number of investors express serious concerns about the economy. Mortgage rates for February 14th, 2019  benefited greatly from this mornings report; we'll see what happens over the next 5-10 days.

Government Shutdown:

Are we having or are we not? As I'm writing this it appears that the President will sign the spending bill to avoid a government shutdown and he will claim a "national emergency" to secure funding for the wall. Bonds had little to no reaction to the news and it appears mortgage rates will not be affected by the fact we'll avoid another government shutdown. The previous one had a negative affect on the economy however it was a small positive for mortgage rates.

California Mortgage Company:

If you are looking to refinance your current mortgage or purchase a home in California you should consider JB Mortgage Capital, Inc. A California mortgage company  with an A+ rating at the Better Business Bureau and we are AAA rated with the Business Consumers Alliance. Founded in 2007 and dedicated to providing a high level of customer service and industry low mortgage rates. Visit their website for a quote or you can call us directly at 1-800-550-5538.

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Kevin O'Connor

California Mortgage Finder, Loan Officer Kevin O’Connor. Low rates, fast closings, and exceptional service. Over 20 years of experience in the mortgage industry, and top ratings with Zillow, Google, and Yelp. Loan Officer Kevin O’Connor (NMLS #247447 and CA DRE #01499872) has the resources to deliver unparalleled results. He works in association with JB Mortgage Capital, Inc., an “A+” rated mortgage broker licensed by the state of California (NMLS #238036 and CA DRE #1836772).

https://californiamortgagefinder.com/

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