Today’s Mortgage Rates:
Mortgage rates starting off the week near the best levels of 2019. Conforming, FHA and Jumbo fixed mortgage rates continue to be more attractive than Adjustable Rate Mortgages (ARMs).
Both refinance and purchase mortgage rates will continue to remain low provided the current bond market conditions remain. Low inflation, trade tensions with China and a slowing economy are all helping keep mortgage rates low in 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 102.20 and the FNMA 4.0 coupon started the day at 103.28. The 10y Treasury yield started the day at the 2.03% level.
Last Wednesday’s move with the 10y yield (down to 1.97%) might end up being a short term bottom. It’s still too early to make that claim and we’ll have to see what happens this week but for now that remains a good possibility. What does that mean? If it is a short term bottom that means it’s going to be difficult for the 10y yield to move lower than that without a significant motivating factor such as a further weakening of the economy or a further escalation of the trade war with China.
This week is the G20 meeting and President Trump and President Xi are set to meet so the can discuss ways to solve the current trade dispute. A positive outcome (meaning a trade deal) will be bad for bond markets and mortgage rates (at least short term).
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Economic Data This Week:
There is no important Economic data on Monday. On Tuesday we have the CaseShiller report, New Home Sales and Consumer Confidence. On Wednesday we have the weekly Mortgage Market Index and the Durable Goods report for May. On Thursday we have the final Q1 GDP reading and to finish off the week on Friday we have Personal Income report, Core PCE, Consumer Inflation Expectations, Consumer Sentiment and the Chicago PMI report.
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