Mortgage rates for June 05, 2019 are similar to rates/terms seen earlier in the week. If you are looking to refinance your current mortgage or if you are purchasing a home please be sure to contact me directly at 1-800-550-5538. Or you can contact us through one of our contact forms.
We offer low mortgage rates, fast closings and exceptional service.
FHA Mortgage Rates
Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 102.03 and the FNMA 4.0 coupon started the day at 103.23. The 10y Treasury yield opened the day at 2.11% (same as yesterday).
Economic Data This Week:
Today 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.
Mortgage Market Index:
The overall Mortgage Market Index came in higher than last week. Last week’s reading was 411.5 and this week’s reading was 417.8. The MBA Purchase Index came in at 253.1 (last week 259.4) and the Mortgage Refinance Index came in at 1335.6 (last week 1255.4). And the average 30 year fixed rate (nationwide) was 4.23% (with points).
ADP National Employment Report:
Expectations were for 180,000 jobs created and the reading came in at 27,000 (last month’s reading was 275,000). A disappointing report for the economy but a positive for bond markets and mortgage rates heading into the BLS month Employment report. Post report the 10y Treasury yield moved from 2.11% to 2.09%. Mortgage Backed Securities also improved.
Could the BLS Employment report push the 10y yield below 2.00%
I think that is highly unlikely. While the BLS Employment report can have a big impact on bond markets that would be a massive move if it were to happen. I think for there to even be a remote chance of that happening you would have to have a negative print and declining wages.
ISM Non-Manufacturing PMI:
The ISM Non-Manufacturing PMI report comes in later today. If there are any significant movements in the market post report will update today’s post with that information. Expectations are for a 55.5 reading.
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 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 our website.