Today’s Mortgage Rates:
Heading into the weekend mortgage rates are at their best levels of 2019 as fears over a global economic recession increase.
Mortgage Rates - Conforming Loans
Mortgage Rates - FHA Loans
Mortgage Rates - Jumbo Loans
Mortgage Backed Securities and Treasury Snapshot:
Mortgage Backed Security FNMA 3.5 started the day at 101.86 and the FNMA 4.0 coupon started the day at 103.05. The 10y Treasury yield opened the day at 2.16%.
Another rally for the 10y Treasury and another instance in which Mortgage Backed Securities are lagging behind. It’s been a common theme lately as we’ve seen the 10y yield push lower into multi year lows.
As we move into June we would anticipate that Mortgage Backed Securities will eventually catch up provide the Treasury market remains at these levels (or improves). If the market holds and Mortgage Backed Securities improve next week we might end up seeing lower mortgage rates heading into the Employment report next Friday.
Request A Low Rate Mortgage Quote
Economic Data This Week:
Today we have the PCE and the Core PCE report along with the Chicago PMI report and Consumer Inflation Expectations.
PCE and Core PCE:
This mornings PCE report came in at 1.5% and the Core PCE report came in at 1.6%; in lien with expectations.
The Chicago PMI report comes out later this morning. I’ll update the post if the report significantly impacts the Mortgage Backed Securities market. Expectations are for a reading of 53.7.
Economic Data Next Week:
On Monday we have the ISM Manufacturing PMI, Construction Spending and ISM Manufacturing report. On Tuesday we have the ISM-New York Index report. On Wednesday we have the weekly Mortgage Market Index, ADP Employment report and ISM non-manufacturing PMI for May. ON Friday we have the monthly BLS jobs report along with Wholesale Inventories.
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