Mortgage Rates and News

August 15th, 2017

Suggestions that can change during the day: Strong economic data weighs on Bond prices this morning but the losses are modest at best. Locking is recommended.

Rates Effective August 15th, 2017 12:30 PM 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 3.875% (3.961%APR)

15-Year Fixed Rate 3.250% (3.397% APR)

After close Commentary: Coming Soon

Late morning Commentary:  July Retail Sales rose 0.6% versus the 0.3% expected, while June was revised higher to 0.3% from -0.2%. It was the largest increase in seven months as consumers spent on autos and discretionary items. When stripping out autos, sales rose 0.5 percent, above the 0.3 percent expected. Consumer spending makes up about two-thirds of the U.S. economy. The strong numbers could be a positive sign for economic growth moving forward.

Business activity in the New York region rose to its highest level in nearly three years with firms very optimistic about future conditions. The Empire State Manufacturing Survey surged 15 points to 25.2, well above the 13.0 expected. The report revealed that new orders, shipments and labor market conditions all improved early in the month. 42 percent of respondents reported that conditions had improved over the month, while 17 percent reported that conditions had worsened.

Analytics firm CoreLogic reports that strong employment and home price increases have contributed to improved mortgage performance. In addition, tight underwriting over a prolonged period of time has also driven delinquencies lower. The 30-day plus delinquency rate in May 2017 was 4.5%, down from 5.3% in May of 2016. There is one caveat to the positive economic conditions ... a lack of supply which is creating hurdles for potential home buyers. 

**Rate Assumptions  coming soon

**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 3.875% and 70% loan-to-value (LTV) is $940.47 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.961%. 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.