Mortgage Rates For June 27, 2019

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.

FHA Mortgage Rates


Jumbo Mortgage Rates

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.

Couple in front of home

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 usually minimal unless the report was significantly 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 month’s 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 our website.

Share on facebook
Facebook
Share on twitter
Twitter
Share on reddit
Reddit
Share on linkedin
LinkedIn
Share on email
Email
About Loan Officer Kevin O'Connor

About Loan Officer Kevin O'Connor

He is the founder and main contributor of koloans.com. He has over 15 years of experience as a Mortgage Loan Originator (MLO) and is a fully licensed with the state of California and the Nationwide Mortgage Licensing System (NMLS). He has a top rating with the Better Business Bureau and a top rating with Zillow. He continually delivers the results homeowners are looking for; low rates, fast closings and exceptional service: "Helping Homeowners Achieve Their Dreams"  CA DRE #01499872 and NMLS # 247447