Today’s Mortgage Rates:
Mortgage rates for June 14, 2019 are stable heading into the weekend with Conforming, FHA and Jumbo fixed rate mortgages leading the way. Adjustable Rate Mortgages (ARMs) are not as attractive right now and this pattern may continue as we head into the summer months.
Homeowners and homebuyers looking to lock in a low rate mortgage might want to consider taking advantage of the current market considering were near multi year lows.
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 102.08 and the FNMA 4.0 coupon started the day at 103.25. The 10y Treasury yield opened the day at 2.06%. Later today there is an important 30y bond auction.
Post Retail Sales report the market reversed and moved higher (more on this below).
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Economic Data This Week:
Today we have the Retail Sales, 1yr and 5yr Inflation Outlook along with Consumer Sentiment.
Expectations were for a reading of 0.6% growth after last months reading of -0.2%. The reading came in at 0.5% gain (below expectations) however the Mortgage Backed Securities and Treasuries sold off on the report due to the fact the previous months report was revised higher (from -0.2% to 0.3%).
1yr and 5yr Inflation Outlook:
This report comes out later in the day. If there is a significant impact to Mortgage Backed Securities I’ll update the post with that information. Last months reading was 2.9% for the 1yr Inflation Outlook and 2.6% for the 5yr Inflation Outlook.
Like the Inflation Outlook report this comes out later in the day. If there is a significant reaction to bonds/mortgage rates I’ll update the post. Expectations are for a reading of 98.00 (which is lower than the previous reading of 100.00)
Economic Data Next Week:
On Monday we have the NY Fed Manufacturing report and the NAHB Housing Market Index. On Tuesday we have the Housing Starts, and Building Permits reports along with the start of the June FOMC (Fed) meeting. On Wednesday we have the weekly Mortgage Market Index and the FOMC decision. On Thursday we have the Philly Fed Business Index and the weekly Unemployment numbers. On Friday we have Existing Home Sales for May.
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