Mortgage Rates & Employment Report this Friday

August 28th, 2017

Rates Effective August 28th, 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

Suggestions that can change during the day: Rates are pretty good, I can't say it is a bad time to lock.  Currently the overall trend appears to be improving.  Watch out for Friday Morning.

After close Commentary: Not a lot of movement in today's session as prices traded near unchanged for most of the session. There were no economic reports released today. The Fannie Mae 30-yr 3.5% coupon closed near unchanged at 103.44 and just above resistance one (R1) at 103.34. Not much action in the Stock markets either today. The Dow closed near unchanged at 21,808.40 as did the S&P 500 at 2,444.24. The NASDAQ saw a 17.37 point gain to end at 6,283.01. WTI oil closed lower at $46.57/barrel, down $1.30 as Hurricane Harvey closed many refineries. Economic data tomorrow includes the Case-Shiller 20-city Index and Consumer Confidence.

 

Late morning Commentary:   There are no economic reports due for release today as trading gets underway for the last week of August. The rest of the week features data on consumer attitudes, inflation, economic growth, housing, personal spending, manufacturing and the labor market numbers that culminates with Friday's Jobs Report for August. Summer unofficially comes to and on Labor Day, as kids head back to school and vacations ending this week ahead of the long holiday weekend.

The August Jobs Report will be the big news this week where it is expected that U.S. employers added 183,000 new workers during the month. The Jobs report is closely watched by market participants around the globe to gauge the health of the U.S. labor markets. So far this year, job gains have averaged a solid 184,000 new positions each month, weekly initial jobless claims hover near 40-year lows.

U.S. Stocks are near unchanged to begin the week, as investors assessed the impact of Tropical Storm Harvey. Stocks of refiners, pipeline operators, insurers and home improvement retailers will be in focus this week. The storm will drive more that 30,000 people into shelters as the rain continues this week. Early damages are expected to be seen at a staggering $30 billion, placing the dollar value loss among the top eight hurricanes to hit the U.S.

11:35 AM ET  3.5% Fannie Mae 30-yr coupon up 0 bp at a price of 103.41  down 3 bp when rates were set today at 10:00 am et Open 103.38 High 103.47 Low 103.34

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 Support 103.19,  First level of Resistance 103.34  Second Level of Resistance $103.47 high of 11/17/16  103.59  High of 11/10/16   104.12  

Economic Calendar for the Week of August 28 - September 01

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. August 29
09:00
S&P/Case-Shiller Home Price Index
Jun
5.7%
 
5.7%
Moderate
Tue. August 29
10:00
Consumer Confidence
Aug
120.3
 
121.1
Moderate
Wed. August 30
08:30
Gross Domestic Product (GDP)
Q2
2.7%
 
2.6%
HIGH
Wed. August 30
08:30
GDP Chain Deflator
Q2
1.0%
 
1.0%
HIGH
Wed. August 30
08:30
ADP National Employment Report
Aug
180K
 
178K
Moderate
Thu. August 31
08:30
Jobless Claims (Initial)
8/26
236K
 
234K
Moderate
Thu. August 31
08:30
Personal Consumption Expenditures and Core PCE
YOY
NA
 
1.5%
HIGH
Thu. August 31
08:30
Personal Consumption Expenditures and Core PCE
Jul
0.1%
 
0.1%
HIGH
Thu. August 31
08:30
Personal Income
Jul
0.3%
 
0.0%
Moderate
Thu. August 31
08:30
Personal Spending
Jul
0.4%
 
0.1%
Moderate
Thu. August 31
09:45
Chicago PMI
Aug
58.9
 
58.9
Moderate
Thu. August 31
10:30
Pending Home Sales
Jul
0.5%
 
1.5%
Moderate
Fri. September 01
08:30
Non-farm Payrolls
Aug
183K
 
209K
HIGH
Fri. September 01
08:30
Average Work Week
Aug
34.5
 
34.5
HIGH
Fri. September 01
08:30
Hourly Earnings
Aug
0.2%
 
0.3%
HIGH
Fri. September 01
08:30
Unemployment Rate
Aug
4.3%
 
4.3%
HIGH
Fri. September 01
10:00
ISM Index
Aug
56.8
 
56.3
HIGH
Fri. September 01
10:00
Consumer Sentiment Index (UoM)
Aug
97.1
 
97.6
Moderate

***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
 

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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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