Mortgage rates for May 28, 2019 are starting off the last week of May 2019 at improved levels. Mortgage rates are near 2019 lows as concerns over the trade war between the United States and China, European economic problems and a possible slowing in the US economy all remain. The Treasury market continues to lead the way in terms of the bond market rally while the Mortgage Backed Securities market struggles making any significant gains.
FHA Mortgage Rates
Jumbo Mortgage Rates
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 101.47 and the FNMA 4.0 coupon started the day at 102.91. The 10y Treasury yield opened the day at 2.29%.
Late morning the 10y yield move down to the 2.28% level however the Mortgage Backed Securities were still limited improvements. Mortgage rates will not improve significantly until we see the Mortgage Backed Securities market make a bigger move.
Economic Data This Week:
Today we have the CaseShiller Home Prices and the Consumer Confidence report for May. On Wednesday we have the Mortgage Market Index and on Thursday we have the weekly Jobless Claims report and the preliminary Q1 GDP report. On Friday we have the PCE and the Core PCE report along with the Chicago PMI report and Consumer Inflation Expectations.
Consumer Confidence Report:
Later today the Consumer Confidence report will be released. If there is a significant market reaction I will update today’s post with the latest information.
Five Great Questions To Ask A Loan Officer:
If you are looking to refinance your current mortgage or if you are buying a home you’ll want to find an experienced Loan Officer that can provide a low rate and great service. Here are five questions you should ask every Loan Officer before you decide to work with them.
- How long have you been a Loan Officer?:
This is an important question because you want make sure you find a Loan Officer with at least five years of experience. Also make sure the Loan Officer is not a “job hopper” as well. It’s a big red flag when someone has worked for three or four employers over a five year period.
- What is the total cost of the loan?:
This is a really important question. Notice I’ve not listed “what is the rate?”. That’s because everyone asks that question but most people fail to ask what are the total costs. And make sure you say “total” or use “everything” in it’s place. Some “zero point” loans have thousands of dollars in non-third party fees and that’s important to know.
- What documentation do you need?:
Make sure you have a clear understanding of what is needed before you start the process. Just know the underwriter may ask for additional documentation.
- How long with the process take?:
For refinances it should usually take 25 to 35 days from the day you’ve send in all your documentation. Purchase transaction usually take 21 to 30 days. A big part of meeting these time frames is you making sure you respond to requests in a timely fashion.
- When will the interest rate be locked in?:
Some mortgage lenders lock in at the time of application, some lock in after the underwritten approval is issued and some lock in at closing. And some (like us) will lock in when the client requests. Make sure you find this information out before moving forward.
Asking these five questions will help ensure a successful mortgage 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.