October 13th, 2017
Rates Effective October 13th, 2017 10:30 AM EST
*30-Year Fixed Rate 3.875% (3.961%APR)
**15-Year Fixed Rate 3.250% (3.397% APR)
Conforming loans $424,100 and under
No origination fee on all posted rates. Call for other rates. ***Rate Assumptions below the news
Suggestions that can change during the day: Mortgage Bonds are higher after softer-than-expected inflation readings. Continue floating heading into the weekend.
After close Commentary: The Consumer Price Index (CPI) jumped 0.5 percent in September from August, per the Bureau of Labor Statistics. This reading was softer than expected. More importantly the closely-watched Core CPI, which excludes volatile food and energy, was up just a meager 0.1 percent in September. This left year-over-year Core CPI at 1.7 percent for the fifth month in a row, still below the Fed's target range of 2 percent.
After holding back in August, consumers weren’t afraid to spend in September, according to the most recent Retail Sales report issued by the Commerce Department. This was welcome news, as consumer spending makes up about two-thirds of the U.S. economy. Sales were up 1.6 percent from August, just below the 1.7 percent expected, and up 4.4 percent from September 2016. Increases in gas, auto and building material sales led the way due to hurricane-related boosts. When stripping out autos, sales rose a solid 1 percent in September from August.
Consumer spending and inflation are two key areas the Fed will be closely monitoring in the coming months, as it decides whether to raise the Fed Funds Rate later this year. This is the rate at which banks lend money to each other overnight.
Late morning Commentary: Coming Soon
|Fri, Oct 13 9:34 AM Core CPI little changed.|
|Fri, Oct 13 9:34 AM Core CPI up 0.1 percent in September.|
|Fri, Oct 13 9:34 AM Year over year, core CPI at 1.7 percent for fifth consecutive month.|
|Fri, Oct 13 9:33 AM Retail Sales up 1.6 percent from August and up 4.4 percent from September 2016.|
|Fri, Oct 13 9:33 AM CPI up 0.5 percent in August. Biggest increase since January.|
|Fri, Oct 13 9:07 AM S&P futures open higher.|
Actual payments will vary based on your individual situation and current rates. The above rates are subject to change.
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