Mortgage rates continued lower today on a combination of global reaction to yesterday’s Fed Announcement and apprehension over new tariffs on China. The Fed Announcement was positive due to Jerome Powell’s press conference–an event that happens late enough in the day that overseas markets don’t really have a chance to react. Because of that, domestic markets sometimes hold back a little until they can feel out the global reaction.
In other words, rates were pretty sure they were headed even lower yesterday afternoon, but they wanted to see how the rest of the world felt about it. Turns out, everyone felt pretty good about it, thus delivering the first ingredient in today’s improvement. The tariff and “trade war” narrative was the 2nd ingredient, but it was a bigger deal for stocks, which ultimately saw heavy losses by the end of the day. Bonds–which dictate rates–still had a great day, but shied away from following stocks to new lows in the afternoon.
The net effect is a mortgage rate environment that’s largely in line with Monday’s levels. The bonds that underlie mortgages didn’t get as much love as the broader bond market. Beyond that, mortgage lenders have been hesitant to make major adjustments to rate sheets. The average lenders is still quoting top tier conventional 30yr fixed rates in the 4.5-4.625% range.
Why Choose Superior Mortgage Lending?
- CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
- FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
- VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
- REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
- JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing
- FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
- MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
- COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
- ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate