Mortgage Rates & Keep an eye on events in Jackson Hole

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.

***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 3.125% and 70% loan-to-value (LTV) is $1393.22 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.271%. 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
 

Mission Statement

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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