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.
|Mon, Aug 14 8:50 AM U.S. dollar index 93.21, +0.26.|
|Mon, Aug 14 8:41 AM WTI oil $48.62/barrel, -$0.20.|
|Mon, Aug 14 8:25 AM The 10-yr T Note yield 2.22% from Friday's close of 2.18%. .|
|Mon, Aug 14 8:24 AM Stocks resume their climb higher as the tensions in N Korea loosen a bit.|
|Mon, Aug 14 8:21 AM The July FOMC minutes will be released on Wednesday at 2:00 p.m. ET and could reveal as to when the Fed may begin to taper its balance sheet.|
|Mon, Aug 14 8:21 AM However, with low inflation levels, the Fed will not be too eager to raise the short-term Fed Funds Rate anytime soon. Fed Fund Futures show a near zero percent chance of a hike to that rate at the September meeting.|
|Mon, Aug 14 8:18 AM This week's economic calendar is chock full of reports that include Retail Sales, regional manufacturing, housing, and Consumer Sentiment.|
|Mon, Aug 14 8:17 AM After hitting the November highs last week, MBS continue to edge lower at the open.|
**Rate Assumptions coming soon
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.