Mortgage Rates For May 30, 2019

Today’s Mortgage Rates:

Mortgage rates for May 30, 2019 are stable as Conforming, FHA and Jumbo mortgage rates remain near their 2019 lows. The trade war with China, European economic problems and weaker than expected US data have all helped pushed mortgage rates lower in 2019.

Those looking to refinance their current mortgage and those looking to purchase a new home can take advantage of the current market by locking in terms rather than risking a move higher. Fixed mortgage rates are currently more attractive than adjustable mortgage rates.

Mortgage Rates - Conforming Loans

Mortgage Rates - FHA Loans


Mortgage Rates - Jumbo Loans

Modern Brown HomeMortgage Backed Securities and Treasury Snapshot:

Mortgage Backed Security FNMA 3.5 started the day at 101.56 and the FNMA 4.0 coupon started the day at 102.91. The 10y Treasury yield opened the day at 2.26%.

While the 10y treasury yield has pushed to news lows; Mortgage Backed Securities have remain below their 2019 highs (Treasury is yield and Mortgage Backed Securities are Price). The generally accepted theory is that if treasury yields remain this low (or move lower) then at some point Mortgage Backed Securities will follow. That is a big “if” and if they do it could take longer than expected.

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Economic Data This Week:

Today 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.

Jobless Claims:

This week’s Jobless Claims came in at 215,000; slightly higher than the reading last week (211,000). Overall still a very low number, especially when you consider other economic reports that are showing weakness.

Q1 GDP (Prelim):

Expectations were for a 3.1% reading and that’s exactly what came out this morning. A good number considering all that was going on earlier in the year. Before anyone gets too happy; expectations for Q2 are drastically lower. Some banks are calling for sub 1% growth and one bank in particular (Morgan Stanley) is expecting Q2 GDP to come in at 0.6%.

As we move into June it would not be surprising to see Q2 GDP forecast move lower. That could turn out to be good for mortgage rates as we move into the summer months.

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 OConnor

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