Today’s Mortgage Rates:
Conforming fixed mortgage rates and FHA fixed mortgage rates are benefiting from low bond yields as we move further into July. Mortgage rates for July 02, 2019 are stable and near multi-year lows.
News over the weekend that the US and China reached an agreement to not impose any new trade tariffs was potential bad news for mortgage rates on Monday. Good economic news is generally bad for mortgage rates (generally speaking).
The good news is that mortgages rates shrugged off the news and remain very attractive.
Mortgage Rates - Conforming Loans
Mortgage Rates - FHA Loans
Mortgage Rates - Jumbo Loans
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 102.17 and the FNMA 4.0 coupon started the day at 103.33. The 10y Treasury yield started the day at the 2.02% level. Over the last five trading sessions we’ve seen the 10y yield move between 2.00% – 2.06%.
Later in the week we might see some volatility with the bond market and mortgage rates with the ADP Employment report on Wednesday and the more important BLS Employment report on Friday.
Keep in mind markets close early on Wednesday, are closed on Thursday and re-open on Friday.
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Economic Data This Week:
There are no major economic reports on Tuesday. On Wednesday the market closes early for July 4th however before that we have the Mortgage Market Index, ADP Employment Report, and the ISM Non-Manufacturing Report. On Friday we have the monthly Jobs report.
Tomorrow’s ADP report may impact mortgage rates. A stronger than expected report could push mortgage rates higher; a weaker report could push mortgage rates lower. Last month the report showed only 27,000 jobs created; the lowest number of jobs created this year and steep drop from the previous month.
Expectations for the ADP Employment report are for 140,000 jobs created however will we have another surprise and possibly see the report go negative? We’ll have to see what happens tomorrow but based on last months drop it could very well happen.
The bigger report will be the BLS Employment report. The number of jobs created and the wages component will be looked at closely. Expectations are for 160,000 jobs created and a 0.3% increase in wages. Last month expectations were for 180,000 jobs created however the reading came in at 75,000 jobs created.
If the number of jobs created comes in significantly lower than anticipated and wages come in lower then that might help keep mortgage rates low heading into next week.
JB Mortgage Capital, Inc.:
We offer industry low mortgage rates for both refinance and purchase transactions, personal one-on-one service and we have an A+ rating with the Better Business Bureau (BBB). We also have a top rating with the Business Consumers Alliance (AAA). We utilize the latest technology to ensure a fast closing and Loan Officer Kevin O’Connor has over 14 years of experience as a mortgage professional.
When it comes to mortgage rates please keep in mind that mortgage rates adjust daily; sometimes they adjust multiple times in a day when the bond market is volatile.
Also things like obtaining cash out, lower credit scores, higher Loan-To-Value ratios, rental properties and the subordination of a second mortgage will cause in an increase in your mortgage rate.
To obtain the most up-to-date quote, specific to your loan scenario be sure to contact Loan Officer Kevin O’Connor at 1-800-550-5538 or you can submit a “Contact Us” request on the our website.
Loan Officer Kevin O’Connor:
Kevin grew up in California and works with clients throughout the state. From the initial quote to the application to the final closing; Kevin works directly with each and every homeowner and encourages his clients to ask questions so that they’re better informed. He updates koloans.com on daily basis and you can connect with him on social media: Twitter Rates01