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.
California Mortgage Rates (Conventional)
California FHA Mortgage Rates
California 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.
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Economic Data This Week:
Today we have we have the BLS Employment report and ISM-Non Manufacturing 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).
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.