August 25th, 2017
Rates Effective August 25th, 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: 11:15 am et-Mortgage Bonds are currently above $103.34. If we can stay above this number we might see better rates in the future. Remember when the price goes up yields come down.
After close Commentary: It turned out to be a quiet trading day after Fed Chair Yellen had no comments on monetary policy or the Fed's balance sheet at the Jackson Hole Symposium. The Fannie Mae 30-yr 3.5% coupon closed at 103.38, +9bp and right near resistance one (103.34). Stocks closed well off their highs after the big early session rally,which was touched off by talk from the Trump administration on tax reform coming soon. The Dow gained 30.27 points to 21,813.67 and well off the highs of the session. The NASDAQ lost 5.68 points to 6,265.64, while the S&P 500 gained 4.08 points to end the week at 2,443.05. WTI oil closed at $47.87/barrel, +$0.44. 10-yr T Note yield 2.17%. Next week the Treasury will sell a total of $88B in 2-, 5- and 7-year Notes. The economic calendar is packed with reports that will give the investing world a clear view of the economic landscape. The big report will be Friday's Jobs Report for August. Have a great weekend!
Late morning Commentary: Mortgage rates hit year-to-date lows this week and have declined four straight weeks in a row due in part to continued low inflation levels. Freddie Mac reported that the 30-year fixed mortgage rate fell to 3.86% from 3.89% with 0.5 in points and fees. Last year this time the rate was 3.43%. With mortgage rates holding steady, refinancing activity should remain high, particularly for cash out refinancings.
Energy shares will be in focus today as the sector braces for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. It is expected to hit the Texas coastline and could bring "life-threatening" amounts of rain up to 35 inches. West Texas Intermediate oil is up modestly to $47.55 per barrel. The national average price for a regular gallon of gasoline is at $2.34, up from $2.28 a month ago.
11:13 AM ET 3.5% Fannie Mae 30-yr coupon up 10 bp at a price of 103.41 up 9 bp when rates were set today at 10:00 am et Open 103.28 High 103.44 Low 103.25
Dailey Moving averages we are currently above: 200 $102.58 100 $102.92 50 102.98 and 25 103.14 Others numbers psychological numbers First level of Support103.19, First level of Resistance 103.34 High of 11/17/16 103.59 High of 11/10/16 104.12
|Fri, Aug 25 8:39 AM The Treasury will sell a total of $88B in Treasury Notes next week - 2s, 5s and 7s.|
|Fri, Aug 25 8:35 AM Freddie Mac reported yesterday that the 30-yr fixed mortgage rate fell to a new YTD low of 3.86% with 0.5 in points and fees.|
|Fri, Aug 25 8:32 AM 10-yr T Note yield 2.20%.|
|Fri, Aug 25 8:31 AM July Durable Orders -6.8% vs the -6% expected.|
|Fri, Aug 25 8:20 AM U.S. dollar index 93.16, -0.04.|
|Fri, Aug 25 8:18 AM The markets don't see any policy announcements from Ms. Yellen today but will scrutinize further clarity on the unwinding of its massive $4.5T balance sheet.|
|Fri, Aug 25 8:15 AM WTI oil at $47.70/barrel, +$0.25. Energy shares will be in focus today as the sector braces for Hurricane Harvey which could become the biggest storm to hit the U.S. mainland in more than a decade.|
|Fri, Aug 25 8:14 AM S&P futures higher ahead of Yellen's speech for clues regarding the future path of monetary tightening.|
|Fri, Aug 25 8:13 AM The Trump administration could announce tax reform bill next week.|
|Fri, Aug 25 8:06 AM MBS open near unchanged ahead of Fed Chair Yellen's speech at Jackson Hole. Ms. Yellen is set to speak at 10:00 a.m. ET.|
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.