August 8th, 2017
Suggestions that can change during the day: Mortgage Bond prices are trading near unchanged, while Stocks are in negative territory. Carefully floating is recommended.
Rates Effective August 7th, 2017 11:11 AM EST
No origination on all posted rates. Call for other rates. **Rate Assumptions below the news
Conforming loans $424,100 and under
30-Year Fixed Rate 4.000% (3.961%APR)
15-Year Fixed Rate 3.250% (3.397% APR)
After close Commentary: Mortgage Bonds ended near unchanged and closed off the worst levels of the day as some late day buying was fueled by the tensions between the U.S. and North Korea. The Bond closed near unchanged at 103.19. The Dow snapped its 10-day winning streak as Stocks fell into negative territory on the president's comments. President Trump warned that North Korean threats will be met with fire and fury. The Dow fell by 33.08 points to 22,085.34, the S&P 500 lost 5.99 points to 2,474.92, while the NASDAQ was down 13.31 points to end at 6,370.46. WTI oil closed at $49.17/barrel, -$0.22. Q2 Productivity will be released tomorrow morning.
Late morning Commentary: The National Federation of Independent Business reports that its Index of Small Business Optimism grew in July after stalling five months, buoyed by strong consumer demand for products and despite the dysfunction in Washington, D.C. The index rose 1.6 points to 105.2, as seven of the 10 components posted a gain, two declined, and one was unchanged. Business owners reported that they have more job openings now as well as plans to hire more workers down the road.
The Labor Department reports that job openings in June rose to a record high 6.16 million from 5.7 million in May while hiring decreased in in JOLTS report (Job Opening and Labor Turnover Survey). Job openings grew in business services, health care, and construction. The hiring rate was little changed from May while hires decrease for educational services.
The solid labor market has improved mortgage performance across the U.S. Analytics firm CoreLogic reports that early-stage mortgage delinquencies are hovering near 17-year lows, and the current-to-30-day past due transition rate remained low at 0.8%. However, the positive economic conditions helping performance have also contributed to a lack of affordable supply, creating challenges for home buyers.
8:57 AM ET 3.5% Fannie Mae 30-yr coupon down 3 bp at a price of 103.19 up 6 bp when rates were set yesterday at 10:00 am et Open 103.19 High 103.25 Low 103.19
Dailey Moving averages we are currently above: 100 $102.78 200 $102.70 25 102.74 and below 50 102.97 Others numbers psychological numbers 103.00 , 103.19, 103.34
|Tue, Aug 08 8:31 AM CoreLogic reports that home prices are up almost 50% since March 2011 but the growth in sales is slowing due to a lack of inventory.|
|Tue, Aug 08 8:24 AM Wti oil $49.49/barrel, near unchanged.|
|Tue, Aug 08 8:24 AM The Treasury will offer $24B 3-yr Notes today, results at 1:00 p.m. ET and is part of a total of $62B being peddled this week. The results could impact Bond prices.|
|Tue, Aug 08 8:23 AM U.S. dollar index 93.15, -0.15.|
|Tue, Aug 08 8:22 AM S&P futures modestly lower as the major averages await a round of earnings from retailers and hover at all-time high levels.|
|Tue, Aug 08 8:21 AM The NFIB reports that its Index of Small Business Optimism grew in July after stalling five months, buoyed by strong consumer demand for products, despite the dysfunction in Washington, D.C.|
|Tue, Aug 08 8:14 AM 10-yr yield near unchanged at 2.26%.|
|Tue, Aug 08 8:12 AM There are no major economic reports being released today and there are not any glaring geopolitical headlines.|
|Tue, Aug 08 8:09 AM Mortgage Bonds open near unchanged as the dog days of summer set in with low volume trading and little movement seen.|
Actual payments will vary based on your individual situation and current rates. The above rates are subject to change.
Johnmarbury.com has attempted to verify the information contained on this post. However any aspect of such may change without notice. Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. Forgive my spelling and grammatical mistakes due to writing skills that are lacking and the need to communicate quickly.