Today’s Mortgage Rates:
We’re starting off the month of June at the best levels of 2019. Economic slowdown fears, escalating trade war with China and possible tariffs on Mexico have caused investors to rush into the bond market which is helping mortgage rates move down.
With the significant move down in bond yields it’s important to remain cautious as a reversal is almost certain to happen at some point (see January 2019 and March 2019).
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 102.00 and the FNMA 4.0 coupon started the day at 103.07. The 10y Treasury yield opened the day at 2.11%.
For those who have read Friday’s post you’ll notice the huge move down in the 10y yield and small improvement to Mortgage Backed Securities. This has been a common theme the last 2-3 weeks.
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Economic Data This Week:
Today we have the ISM Manufacturing PMI, Construction Spending and ISM Manufacturing report. On Tuesday we have the ISM-New York Index report. On Wednesday we have the weekly Mortgage Market Index, ADP Employment report and ISM non-manufacturing PMI for May. ON Friday we have the monthly BLS jobs report along with Wholesale Inventories.
ISM Manufacturing PMI:
Expectations for the ISM Manufacturing PMI report were for a reading of 53.0 and the reading came in at 51.1. The miss is a positive for the bond markets and mortgage rates. Post report the 10y yield moved down to the 2.10% level.
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