Today’s Mortgage Rates:
Mortgage rates for June 04, 2019 are starting off the day stable after significant bond market moves yesterday afternoon. Mortgage rates/terms hit 2019 lows which is great news for homebuyers and homeowners looking to refinance their current mortgage. Conforming and FHA fixed mortgage rates remain the most attractive terms right now compared to adjustable rate mortgage loans.
What will happen the next few weeks?
I’ll start by saying this; predicting mortgage rates is impossible however we can make some educated guesses based on current market conditions. It would not be surprising to see a bump higher at some point; mortgage rates typically bounce a bit higher after a significant move down. The market and mortgage rates at some point will take a “breather”. Overall though the current themes are in place and market stability is probably something we’ll see as we move further into June. Any trade deal news with China that signifies an end to the trade war would derail the current market (possibly temporarily depending on the structure of the agreement). Europe’s economic news and our own economic news might negatively affect mortgage rates if news comes out that they are improving so it’s best to be cautiously optimistic moving forward.
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 102.05 and the FNMA 4.0 coupon started the day at 103.25. The 10y Treasury yield opened the day at 2.11%.
The 10y yield is nearly back levels not seen since Nov 2016 and this is great news for Mortgage Backed Securities and mortgage rates. Does it mean mortgage rates will go even lower from currently levels? Possibly but when I say “this is great news for mortgage rates” I’m referring to stability of mortgage rates moving forward around current levels rather than specifically saying mortgage rates will move lower.
Predicting bond market movements and mortgage rates 3-6 months is impossible; no one has a crystal ball. We can make estimates and assumptions but since there are so many factors that go into mortgage rates it’s important to always remember that nothing is for certain when it comes to a long term outlook.
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Economic Data This Week:
Today 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.
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