Mortgage Rates For May 03, 2019

Mortgage rates for May 03, 2019 will finish off the week at similar levels to where we started the week after a stronger than expected Employment report. Conforming, FHA and Jumbo fixed rate mortgages remain near their recent lows and a busy week that included important economic data reports and a Fed meeting.

FHA Mortgage Rates


Jumbo Mortgage Rates

Mortgage Backed Securities and Treasury Snapshot:

Mortgage Backed Security FNMA 4.0 started the day at 102.55, and FNMA 3.5 was at 100.81. The 10y Treasury yield opened the day at the 2.556% level.

Modern Brown Home

Economic Data This Week:

Today we have we have the BLS Employment report and ISM-Non Manufacturing report.

Employment Report:

Expectations were for 185,000 jobs created and increase of 0.3% in wages and an unemployment rate of 3.8%. The final reading was 263,000 jobs created 0.2% increase in wages and a 3.6% unemployment rate.

Bonds sold off significantly post report but have since returned to previous levels (10y moved to 2.577% then back down to 2.55%)

ISM-Non Manufacturing Report:

The ISM-Non Manufacturing report is released at 10am EST. We’ll update the post after the report if there is a significant market reaction. Expectations are for a reading of 57.00 and last months reading was 56.1.

Economic Data Next Week:

Next week is a recovery week! Very little economic data being released. On Wednesday we have the weekly Mortgage Market Index and a 10 year Note Auction. On Thursday we have the Core Producer Prices report and a 30 year Bond Auction. On Friday we have the CPI report (important for mortgage rates).

The Core Producer Prices report can sometimes  have an impact on bond markets and mortgage rates but the Consumer Price Index report its still one of the three most important economic reports (for mortgage rates) to watch. A strong CPI number could push mortgage rates higher while a weaker number will allow mortgage rates to stay in the current lower level range.

Local Realtor Spotlight – Escondido, California:

When you enter the market to buy a home you’ll definitely want to locate a local Realtor with experience and knowledge of the local market. Your mortgage lender will work closely with your Realtor to ensure a smooth and efficient transaction. Here are few options to consider.

Re/Max United – Escondido:

Re/Max United Escondido is located at 700 La Terraza, Suite 100, Escondido, CA 92025 and their direct contact number is (760) 747-4700. They are a well known full service realty company with experienced Realtors to help you find that special home.

Berkshire Hathaway HomeServices California – Escondido:

Located at 1895 South Centre City Parkway, Escondido, CA 92025, Berkshire Hathaway HomeServices California – Escondido can be reached at (760) 796-6300. This is another well known realty company that has many experienced Realtors working for them. With dozens of local agents to help they have a solid team to help with your next home purchase transaction.

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.

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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