Today’s Mortgage Rates:
Mortgage rates for July 01, 2019 are starting off the month near multi-year lows. Over the weekend there was some potential news that might have negatively impacted mortgage rates however that has not materialized as of this morning.
What was the “news”?
President Trump met with President Xi called for a pause in implementing new sanctions due to the ongoing trade war between the two countries. As I’ve previously mentioned; positive trade news is a negative for mortgage rates. It appears the agreement between the two was not enough to cause an issue for mortgage rates as we start July.
What might be helping is that there has been a lot of reporting that claims the earliest a trade deal will be reached is later this year. That’s good news for bond markets and mortgage rates.
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 103.31. The 10y Treasury yield started the day at the 2.02% level. Stability in the bond market is helping keep mortgage rates near multi-year lows.
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Economic Data This Week:
On Monday we have the ISM Manufacturing PMI report. 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.
ISM Manufacturing Report:
Expectations were for a reading of 51.0 and the actual reading came in at 51.7 (last month the reading was 52.1). This is the lowest reading since October 2016. The prices paid component came in way below forecast. Expectations were for a reading of 53.0 however the reading came in well below that (47.9). This is the lowest reading since February 2016.
The New Orders component came in below expectations and is at it’s lowest point since December 2015.
Just before the report was released the 10y yield was at 2.00% however post report it moved back to 2.02%. While the report was stronger than anticipated the underlying numbers show the economy is continuing to slow down as we move into the summer months.
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