Today’s Mortgage Rates:
Mortgage rates for July 11th, 2019 are stable after a higher than expected Consumer Price Index (CPI) report. Conforming, FHA and Jumbo mortgage rates (refinance and purchase transactions) remain near recent lows despite a better than expected Employment report last week and this mornings CPI report.
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 102.31 and the FNMA 4.0 coupon started the day at 103.50. The 10y Treasury yield started the day at the 2.06% level.
Yesterday the 10y yield moved above 2.10% however it eventually moved back below that level. The yield hit as low as 2.04% and eventually finished off the day at 2.06%.
After the CPI report this morning (more on this below) the 10y yield moved higher (2.08%) due to the higher than expected inflation reading.
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Economic Data This Week:
Today we have the weekly Jobless claims and the Core CPI report (there is also a 30y Bond auction that may impact markets). On Friday we have the Core Producer Prices report.
Weekly Jobless Claims:
Expectations were for 223,000 claims and the report came in at 209,00 claims. Last weeks report came in at 221,000 claims.
Core CPI Report:
The Core CPI report came in higher than expected. The reading came in at 2.1% and expectations were for a 2.0% reading (annual). The monthly report also came in higher; expectations were for a 0.0% reading and the final number came in 0.1%. The higher than expected reading may put some pressure on mortgage rates as we head into the weekend.
Economic Data Next Week:
On Monday we have the New York Fed Manufacturing report for July. On Tuesday we have the Retail Sales report, Import Prices and Export Prices. We also have the NAHB report on Tuesday. On Wednesday we have the Mortgage Market Index, Housing Starts and Building Permits. On Thursday we have the weekly Unemployment Claims report along with the Philly Fed Business Index report. On Friday we have the 5y Inflation Outlook and the 1y Inflation Outlook reports.
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