Key Takeaways
- The 30-year fixed rate ticked up to 6.52% this week (Freddie Mac, Jun 11) -- a 4 bps rise from last week's 6.48%
- FHA rates are running ~25 bps below conventional at 6.26%--6.31% -- the spread is widening and creating real opportunity for first-time and move-up buyers
- Mortgage applications surged +10.8% week-over-week (MBA, week ending Jun 5) -- purchase apps up 7%, refinance apps up 15%
- Existing home sales rose 3.22% in May to 4.17M annualized units -- the strongest reading since late 2024
- PPI came in at 6.5% YoY in May -- fourth consecutive acceleration -- keeping upward pressure on rates near-term
- 10-year Treasury eased to 4.46% Thursday after stronger-than-expected PPI data rattled markets mid-week
This Week's Numbers
| Metric | This Week | Last Week | Source |
|---|---|---|---|
| 30-Yr Fixed (Conventional) | 6.52% | 6.48% | Freddie Mac, Jun 11 |
| 30-Yr Fixed (FHA) | 6.26% | ~6.30% | Mortgage News Daily, Jun 11 |
| 30-Yr Fixed (FHA Index) | 6.31% | -- | FRED/OBMMI, Jun 10 |
| 10-Yr Treasury Yield | 4.46% | 4.53% | WSJ / Trading Economics |
| Mortgage Applications (WoW) | +10.8% | -- | MBA, week ending Jun 5 |
| Purchase Apps (WoW) | +7% | -- | MBA via HousingWire |
| Refinance Apps (WoW) | +15% | -- | MBA via HousingWire |
| Existing Home Sales (May) | 4.17M | 4.04M | NAR, May 2026 |
| PPI YoY (May) | 6.5% | 6.0% | BLS / Trading Economics |
What Moved the Market This Week
PPI surprised to the upside. May's Producer Price Index printed at 6.5% year-over-year -- the fourth consecutive acceleration and the hottest reading since November 2022. The number rattled bond markets mid-week, pushing the 10-year Treasury briefly above 4.55% before settling back to 4.46% by Thursday. When PPI runs hot, it signals upstream inflation pressure that tends to keep the Fed on hold -- and mortgage rates elevated.
The FHA spread is widening. With conventional 30-year rates at 6.52% and FHA rates running in the 6.26%--6.31% range, the spread between the two loan types has widened to approximately 21--26 basis points. That gap matters for first-time buyers and borrowers with lower down payments -- it's making FHA the smarter entry point in today's market.
Mortgage demand is rebounding. The 10.8% week-over-week jump in applications is one of the stronger single-week readings of 2026. Refinance activity led the charge (+15%), but purchase applications also climbed 7% -- a sign that buyers are re-entering the market as rates stabilize in the mid-6s.
Existing home sales are gaining traction. May's 4.17M annualized pace marks a 3.22% month-over-month gain -- the strongest reading since late 2024. Inventory is slowly building, and buyers who paused earlier this year appear to be moving off the sidelines.
3 JET Products Built for This Runway
JET FHA -- Priced Top 3 in the Market
With FHA rates running 25 bps below conventional and purchase demand rebounding, FHA is the sharpest tool in the shed right now. JET is priced in the top 3 nationally on FHA -- meaning your borrowers get the best of both worlds: a competitive government-backed rate and a lender that underwrites in 48 hours. First-time buyers, lower down payment scenarios, and borrowers with lighter credit profiles all belong on JET's FHA runway right now.
- 30-yr FHA market rate: 6.26% (Mortgage News Daily, Jun 11) -- vs. 6.52% conventional
- Min 3.5% down payment | FHA floor $541,287, high-cost areas up to $1,249,125
- 48-hour average underwrite | Direct Seller Servicer of Fannie Mae & Freddie Mac
- Ideal for: first-time buyers, 3.5% down, FICO 580+, move-up buyers
First Class Non-QM
For the self-employed borrower who can't use tax returns. First Class qualifies on Bank Statement (12 or 24 months), 1099, WVOE, or Asset Depletion -- up to $3.5M, all occupancy types. While conventional borrowers wrestle with rate volatility, self-employed clients with strong cash flow have a clear path forward.
- Loan amounts up to $3.5M | Primary, Second Home & Investment
- Full Doc, Bank Statement (12/24mo), 1099, WVOE, Asset Depletion
- Interest-only available | Max DTI up to 55% with compensating factors
- Min FICO 660 on standard scenarios
Skyline DSCR
As purchase demand rebounds and investors re-enter the market, Skyline DSCR qualifies entirely on property cash flow -- no personal income docs, no tax returns. Built for the real estate investor who lets the property do the talking.
- Loan amounts up to $3M | No personal income docs required
- Short-term rental eligible | Min FICO 700 | 1.0 DSCR for STR
- DSCR as low as 0.75 with adjustments | Purchase, Rate/Term & Cash-Out
- 15, 20, 30 Year Fixed | 40 Year Fixed with 10yr I/O | 5/6 & 7/6 SOFR ARM
Ready to Run a Scenario?
Brokers navigating elevated rates need a wholesale partner who can underwrite fast and find the right product for every file.
Scenario Desk: jetmortgage.com/ScenarioDesk
Bank Statement Calculator: jetmortgage.com/BankStatementCalculator
Quick Pricer: jetmortgage.com/QuickPricer
949-652-7818 | info@jetmortgage.com
Sources
- Freddie Mac PMMS -- 30-Year Fixed Rate Average, June 11, 2026: https://www.freddiemac.com/pmms
- Mortgage News Daily -- FHA 30-Year Rate, June 11, 2026: https://www.mortgagenewsdaily.com/mortgage-rates
- FRED / OBMMI -- 30-Year Fixed Rate FHA Mortgage Index, June 10, 2026: https://fred.stlouisfed.org/series/OBMMIFHA30YF
- WSJ / Trading Economics -- 10-Year Treasury Yield, June 11, 2026: https://tradingeconomics.com/united-states/government-bond-yield
- MBA Weekly Applications Survey -- Week Ending June 5, 2026: https://www.mba.org
- HousingWire -- Refinance and Purchase Applications Rebound: https://www.housingwire.com/articles/refinance-and-purchase-applications-mba/
- NAR -- Existing Home Sales, May 2026: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
- BLS / Trading Economics -- PPI YoY May 2026: https://tradingeconomics.com/united-states/producer-prices-change
JET Mortgage is a DBA of Home Mortgage Alliance Corporation (HMAC) | NMLS #1165808 | Equal Housing Lender. Rates shown are market averages for informational purposes only and are subject to change without notice. Not a commitment to lend.