Mortgage Rates & Home Price up 50% since March 2011

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.

**Rate Assumptions

 

Actual payments will vary based on your individual situation and current rates. The above rates are subject to change.

  • Some products may not be available in all states.
  • Jumbo Rates (loans over $424,100) not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 780; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 30 days.
  • The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment for all conventional loans.
  • Rates assume a credit score of at least 780.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. National Bank of Commerce offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (205) 266-5669 to talk to John Marbury.
  • 30-Year Fixed-Rate Mortgage: The monthly payment on a $200,000 30-year Fixed-Rate Loan at 4.000% and 70% loan-to-value (LTV) is $954.83 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.087%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
  • 15-Year Fixed-Rate Mortgage: The monthly payment on a $200,000 15-year Fixed-Rate Loan at 3.250% and 70% loan-to-value (LTV) is $1405.34 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.397%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply

 

 

 

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.  

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
NMLS# 740833
Phone:205-266-5669
Fax: 866-217-4174

813 Shades Creek Parkway
Birmingham, Alabama 35209
 

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As a loan officer (mortgage broker 1989-2006) since 1985, I have seen a lot of changes over the years. The only consistency in the mortgage business and life is change. This is the reason that we believe it is necessary to move quickly and to be early. Let us know if you have any questions or if we can help in any way.

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