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Posted July 3, 2015
in Mortgage Rates

Today’s Mortgage Rates, To Lock or Not?

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July 2, 2015: Mortgage markets changing today's mortgage rates

Current Mortgage Rates Up-To-The-Minute

Today's mortgage rates are lower.

Weaker than expected labor market data has lifted MBS this morning. Against a consensus forecast of 230K, the economy added 223K jobs in June. More significantly, downward revisions to prior months dropped 60K. The Unemployment Rate declined from 5.5% to 5.3%, below the consensus of 5.4%, and the lowest level since October 2008. A large number of people left the labor force in June, pulling down the unemployment rate. Average Hourly Earnings, a proxy for wage growth, was flat from May, which was short of expectations. Overall, these results were decent, but this was a mildly disappointing report on job gains and wage growth compared to forecasts.

Despite how mortgage rates are doing today so far, note that rates can change at anytime, and often without advance notice. In a calm mortgage market, expect today's interest rates to change once or twice during the course of the day.

In a volatile mortgage market, current mortgage rates can change five times daily or more.

As a mortgage rate shopper, it's important to know when today's rates are changing. This is because, when mortgage rates change, mortgage lenders will not honor rate quotes which have not been previously "locked".

To lock today's mortgage rates, then, be sure to commit with your lender before current rates begin to move. Whether you're trying to lock a purchase or a refinance loan, the market waits for no one.  

Click to compare today's live rates.

About Today's Mortgage Rates Analysis

Today's mortgage rate analysis is based on live mortgage-backed securities (MBS) pricing provided by MBSQuoteline, a real-time mortgage market data service available to loan officers, real estate agents, and other finance professionals.

The MBS data supplied by MBSQuoteline is the same market data used to formulate current mortgage rates by the nation's mortgage lenders.

The chart at top depicts today's Fannie Mae mortgage bond pricing. Fannie Mae bonds are linked to conventional mortgage rates which include mortgage rates for programs such as the Home Affordable Refinance Program (HARP 2.0), the 3-percent down Conventional 97 loan, the HomePath mortgage program, and others.

MBS prices are inversely related to today's mortgage rates. When bond prices rise, mortgage rates sink. In general, a twenty-five basis point change in MBS pricing -- up or down -- leads to a 0.125 percentage point change in mortgage rates.

Note that the chart above does not depict the path of today's Ginnie Mae mortgage bonds, although Ginnie Mae bonds and Fannie Mae bonds tend to move in similar directions.

Ginnie Mae bonds correlate to today's mortgage rates for FHA loans, such as the FHA Streamline Refinance, which are insured by the Federal Housing Administration; VA loans guaranteed by the Department of Veterans Affairs; and USDA loans guaranteed by the U.S. Department of Agriculture.

Get A Complimentary Mortgage Rate Quote

Mortgage rates change all day, every day. The mortgage rates you get from your bank "now" won't be the same rates you get from your bank in an hour. Be smart when you shop. Compare multiple lenders and get your best deal.

Get a complimentary mortgage rate quote now. Rate quotes are available at no cost, with no obligation to proceed, and with no social security number required to get started.

Click here to get today's live mortgage rates.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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2015 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)