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Today’s Mortgage Rates:
Mortgage rates for June 27, 2019 are higher as we head into the last few days of June. Tomorrow we have some important economic data (more on that below) and we should start to hear some G20 Summit headlines that may impact bonds and mortgage rates before the weekend.
The good news is that mortgage rates remain near their 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 102.09 and the FNMA 4.0 coupon started the day at 103.22. The 10y Treasury yield started the day at the 2.03% level.
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Economic Data This Week:
Today we have the final Q1 GDP reading and Pending Home Sales. To finish off the week on Friday we have the Personal Income report, Core PCE, Consumer Inflation Expectations, Consumer Sentiment and the Chicago PMI report.
Q1 2019 Final GDP Report:
Expectations were for a 3.1% reading and that is exactly what came in. While the final GDP reports receive a lot of news coverage their importance to bond markets and mortgage rates is usual minimal unless the report was significant above or below expectations.
The reason why the final quarterly GDP reports have little importance is:
- The data is from three months ago
- Before it comes out other economic reports have given a current picture of how the economy is doing
When it comes to GDP estimates that plays a bigger role with bond markets and mortgage rates but the “Final” report generally has no impact on Mortgage Backed Securities and mortgage rates.
Pending Home Sales:
Expectations were for 1.00% increase and the reading came in at a 1.1% increase. Last months report was revised higher; from -1.5% to +3.9%.
This is good news for homeowners and a much better report than the New Home Sales report. It appears the lower mortgage rates are helping home sales however we’re not seeing that in New Home Sales (per the previous release).
Increasing Home Sales should help support current home valuations and if mortgage rates remain low during the summer months it would not be surprising to see home sales continue to grow before we enter the fall.
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