Today’s Mortgage Rates:
Mortgage rates for May 06, 2019 will be slightly improved as trade tensions between China and the United States intensify. Since early April we’ve been hearing from the President and his team that the trade war with China was coming to an end and deal was nearly completed.
We’ll that all changed yesterday.
President Trump announced new tariffs and claimed China was not negotiating fairly. This sparked a global selloff in stocks and a rally in the bond market. This rally is why mortgage rates are starting off the week at improved levels.
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 102.75, and FNMA 3.5 was at 101.16. The 10y Treasury yield opened the day at the 2.48% level.
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Economic Data This Week:
No major economic reports are being released today. On Wednesday we have the weekly Mortgage Market Index and a 10 year Note Auction. On Thursday we have the Core Producer Prices report and a 30 year Bond Auction. On Friday we have the CPI report (important for mortgage rates).
Is Now A Good Time To Refinance?
This seems to be a common question among homeowners as mortgage rates remain near their 2019 This decision is different for every homeowner and here are some reasons to consider refinancing your current mortgage:
- Mortgage rates are more than 0.375% lower than your current mortgage rate
- Switching from a 30 year fixed rate to a 15 year fixed rate
- You would like to obtain cash out to renovate your home
- Educational or Medical expenses that need to be paid for
- You’d like to get rid of PMI or MI
Mortgage rates are at great levels; near their 2019 lows so if your situation matches the one of the above reasons then it probably is a great time to look into your options.
Evaluating your options and seeing if the current environment is right for a refinance could end up saving you thousands of dollars.
If you are moving in the next 6-12 months or you are currently in the midst of a major remodel it probably is not a good idea to do a refinance. Also taking cash out to buy a boat, or a car or go on vacation is generally not advisable.
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