August 24th, 2017
Rates Effective August 23rd, 2017 11:30 AM EST
*30-Year Fixed Rate 3.875% (3.961%APR)
**15-Year Fixed Rate 3.125% (3.271% APR)
Conforming loans $424,100 and under
No origination on all posted rates. Call for other rates. ***Rate Assumptions below the news
Suggestions that can change during the day: Coming Soon
After close Commentary: Existing Home Sales fell for a second straight month in July, according to today’s report by NAR. Markets were seeing a little red today, too. The Fannie Mae 30-yr 3.5% coupon was down 10 bp to end at 103.28. Stocks fell across the board with the Dow down 15.92 points to 21,796.17, the S&P 500 down by 2.16 points to 2,441.88, and the NASDAQ lower by 6.60 points to 6,271.81. WTI oil closed at $47.12/barrel, a loss of 1.12. The 10-yr T Note yield closed at 2.19%. Fed Chair Janet Yellen and ECB President Mario Draghi are scheduled to speak in Jackson Hole at the 2017 Economic Symposium; news from the event could stir the pot.
Late morning Commentary: They may not move mountains, but markets are a possibility in Jackson Hole. The 2017 Economic Symposium, "Fostering a Dynamic Global Economy," kicks off today and will take place Aug. 24-26. Each year since 1978, the Federal Reserve Bank of Kansas City has sponsored the symposium on an important economic issue facing world economies. Participants include prominent central bankers, finance ministers, academics, and financial market participants from around the world. Fed Chair Janet Yellen and European Central Bank President Mario Draghi are schedule to speak tomorrow.
The number of Americans filing for unemployment benefits rose less than expected last week. Initial claims increased 2,000 to a seasonally adjusted 234,000 for the week ended Aug. 19, the Labor Department reported. Claims have now been below 300,000, a sign of a robust labor market, for 129 consecutive weeks. That is the longest stretch since 1970. The August Jobs Report will be released Friday, September 1 with more labor market data on job growth, unemployment, average workweek and hourly earnings. Job growth has been averaging 184,000 new jobs per month in 2017, which is on par with 2016.
Existing Home Sales in July slipped again as large declines in the Northeast and Midwest outweighed sales increases in the South and West, according to the National Association of Realtors® (NAR). Total Existing Home Sales slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million from a downwardly revised 5.51 million in June. Although July’s sales pace is 2.1 percent above a year ago, it is the lowest of 2017. The median existing home price for all housing types was up 6.2 percent from July 2016, marking the 65th straight month of year-over-year gains. Total housing inventory at the end of July declined 1.0 percent to a 4.2-month supply and is now 9.0 percent lower than a year ago.
9:11 AM ET 3.5% Fannie Mae 30-yr coupon down 10 bp at a price of 103.28 down 3 bp when rates were set Yesterday at 10:00 am et Open 103.22 High 103.28 Low 103.22
Dailey Moving averages we are currently above: 200 $102.59 100 $102.91 50 102.98 and 25 103.13 Others numbers psychological numbers 103.00 , First level of Support103.19, First level of Resistance 103.34
|Thu, Aug 24 8:34 AM Initial Jobless Claims up 2,000 to 234,000.|
|Thu, Aug 24 8:09 AM S&P futures opens higher.|
Actual payments will vary based on your individual situation and current rates. The above rates are subject to change.
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