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.
- 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 3.250% and 70% loan-to-value (LTV) is $1405.34 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.397%. 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.