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Today’s Mortgage Rates:
Mortgage rates for May 15, 2019 are slightly improved as the 10y Treasury continues to rally. Keep in mind that the 10y Treasury does not set mortgage rates and sometimes the move in the Treasury market is much bigger than the move in consumer mortgage rates the Mortgage Backed Securities market (which is where mortgage rates originate from). And that’s what we’ve been seeing lately; big moves in Treasuries and only modest improvements in the Mortgage Backed Securities market.
Mortgage Backed Securities are under performing compared to the 10y Treasury and that is why you are not seeing dramatic moves with mortgage rates.
Mortgage Rates - Conforming Loans
Mortgage Rates - FHA Loans
Mortgage Rates - Jumbo Loans
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 4.0 started the day at 102.89, and FNMA 3.5 was at 101.36. The 10y Treasury yield opened the day at 2.37%.
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Economic Data This Week:
Today we have the weekly Mortgage Market Index, NAHB Housing Index and the Retail Sales report. On Thursday we have Building Permits, Housing Starts and the Philly Fed Business Index. On Friday we have the 1yr and 5yr Inflation Outlook report.
The expectations for Retail Sales was an increase of .02% and the reading came in at -0.2%. This is a good report for Mortgage Backed Securities and mortgage rates. Negative economic news is a positive for mortgage rates.
Mortgage Market Index:
The overall Mortgage Market Index came in at 415.7 and last weeks reading was 418.1. The Purchase Index came in at 268.5 (last weeks reading was 270.2) and the refinance index was 1232.6 (last weeks reading was 1238.5).
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