Mortgage rates for May 21, 2019 are a bit higher today due to recent selling in the Mortgage Backed Securities market. The move higher is minimal and for the most part a fairly “normal” day-to-day adjustment the market sometimes makes.
30 year and 15 year fixed Conforming mortgage rates remain near their 2019 lows; FHA and non-conforming Jumbo mortgage rates also remain at very attractive levels heading into the last month of Spring.
FHA Mortgage Rates
Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 101.06 and the FNMA 4.0 coupon started the day at 102.67. The 10y Treasury yield opened the day at 2.43%.
The bond market started to selloff yesterday and it appears to be continuing into today. The good news is that the selling is not significant (at least not as of this morning) so the impact to mortgage rates has been minimal.
Economic Data This Week:
Today we have Existing Home Sales. On Wednesday we have the weekly Mortgage Market Index and on Thursday we have the weekly Unemployment Claims and New Home Sales. On Friday we have the Durable Goods report and the markets close early for Memorial Day.
Existing Home Sales:
The Existing Home Sales report comes out later today. Generally the report has no impact on the Mortgage Backed Securities market and no impact on mortgage rates however if there is one today I’ll update the post.
How To Complete A Mortgage Loan Application:
Are you applying to refinance your current mortgage or to purchase a home? Then you’ll probably aware of the the “1003”. That is industry jargon for a loan application (it’s the form number Fannie Mae associated with the application). If you’ve never completed one you probably are thinking to yourself you’ll never get through this but I’m here to say that it can be completed in less than ten minutes (for most people). Now if you own multiple properties and/or have multiple business’s then it will take you longer but for most people it doesn’t have to take long at all.
Here’s How To Complete The Application In Less Than Ten Minutes:
Focus on you and your employment information. Enter your name, address, social security number etc. along with who your employer is and then allow the Loan Officer to do the rest of the work. If you are refinancing a current mortgage then the rest of the information the Loan Officer can obtain through various sources. If you are buying a home then the Loan Officer will also need to know the address of the property you wish to buy.
At the end of the application there are some Yes and No questions and answering those should take less than a minute.
One of the many jobs your Loan Officer has is to make the application process as easy as possible. Don’t hesitate to make the application process easier on yourself by asking them to help complete the application with the resources they have. They can use Google to look up the address of your employer, they can look up property tax rates with the county and the can obtain your debts from your credit report (if you have any debts not reported on your credit report be sure to let the Loan Officer know).
When the Loan Officer has it completed be sure to review all the information before you sign it.
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.