Mortgage rates for June 25, 2019 are set to start the day a bit improved from yesterday as the bond market starts the day in positive territory.
Application for refinancing a current home is surging due to the multi-year low mortgage rates. Homeowners are refinancing for the following reasons:
- Lower interest rate
- Removing Mortgage Insurance (MI)
- Cash-out to consolidate debt
- Cash-out to remodel the home
- Shorten or lengthen the mortgage term
In addition to seeing refinance applications significantly increasing, we’re also starting to see an uptick with those looking to purchase a home.
FHA Mortgage Rates
Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 102.22 and the FNMA 4.0 coupon started the day at 103.28. The 10y Treasury yield started the day at the 2.00% level.
Later this morning Fed President John Williams will give a speech at the Council on Foreign Relations. At 1:00 pm EST Fed Chairman Powell will also give a speech to the same group.
Bond markets and mortgage rates can be impacted by today’s speeches if anything new is said. Investors are interested in seeing if Fed Chairman Powell will comment on the recent political pressure from the White House and the G20 Summit.
Economic Data This Week:
Today 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.
Expectations are for a reading of 2.6% increase and the reading came in at a 2.5% increase. Last month’s reading was revised lower to 2.6%.
New Home Sales:
This report comes out later in the day; it rarely has a direct impact on mortgage rates but if it does I’ll update the post. Expectations are for a reading 680,000 (annual rate) and last months reading was 673,000 (annual rate).
This report comes out later in the day; if there is an impact on mortgage rates I’ll update the post. Expectations are for a reading of 131.1 and last month’s reading came in at 134.1.
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.