Monday's Rates & News

Monday's Rates & News

Rates Effective July 3, 2017 9:45 AM EST

No origination on all posted rates.  Call for other rates

Conforming loans $424,100 and under

Fixed Rates

30-Year Fixed 4.000% (4.087%APR)

15-Year Fixed 3.250% (3.397% APR)

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 4.000% and 70% loan-to-value (LTV) is $954.83 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.087%. 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

Below is the news when it happened and the market’s reaction.  For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time.  When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.

Comments at the Close: This short trading day was marked with volatility out of the gate. Manufacturing numbers came in via the ISM Index and were above estimates. While the numbers were not incredible, on a light-trading day we saw exaggerated movement at the expense of Bonds.

The Dow closed up 129.64 at 21479.27, the S&P was up 5.60 to 2429.01, and the Nasdaq was down -30.36 to 6110.60. The FNMA 30-year 3.5% coupon fell below the 100-day moving average, ending the short day down -7 bp to close at 102.56 today.

Markets are closed Tuesday in observance of Independence Day. Wednesday’s release of the Federal Open Market Committee meeting minutes and Friday’s Jobs Report for June could add some additional fireworks.

Enjoy your Fourth of July with family and friends!

Mid Morning Commentary On the eve of our nation’s biggest day for firing up the BBQ, the price of beef has ground down to be competitive with pork and poultry. An explosion in production has yielded a booming supply and sparkling prices at the supermarket reminiscent of 2014. Retail prices for U.S. Ground beef are down 4.3 percent from 2016, and the U.S. Department of Agriculture estimates production will continue to rise 4 percent this year. Grab the pickles and ketchup. It’s grilling time.

Tesla announced it’s set to make first deliveries of its electric Model 3 this month. The car has a 215-mile range on one charge, can seat 5 adults, and accelerate from 0 to 60 in less than 6 seconds. The mass-market car is a smaller model set to appeal to the general public in affordability. The starting price is $35,000, compared to the Model S with a base price of $69,200 and Model X at $83,700.

Q2 2017 is one for the books while Q3 is now open for business. The S&P 500 scored its biggest gain for the first half of the year since 2013. The Nasdaq posted its best first half since 2009. U.S. stock index futures are higher this morning, with all three major indexes on track to begin Q3 up. Trading volume is expected to be light this week as Stock markets close at 1 p.m. ET and Bond markets at 2 p.m. ET today. Markets are closed tomorrow in observance of July 4th.

 Mon, Jul 03 10:04 AM ISM Manufacturing Index 57.8 (June) vs. 55.5 estimate.

Mon, Jul 03 8:30 AM WTI oil at $46.30/barrel up 26 cents.
Mon, Jul 03 7:53 AM S&P futures open higher. has attempted to verify the information contained on this post.  However any aspect of such may change without notice. does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow  you see where actual rates have been along with the news that caused the fluctuations on the rate sheet.  I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly.  Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscribers of  The cost of subscription is very reasonable.


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