Mortgage Rates & News

Mortgage Rates & News

Currently I am out of town.  Posts will not be a timely as normal.Back in Town on Thursday

Suggestions that can change during the day: Mortgage Bonds begin the week lower as Stocks rebound on the ease in North Korean tensions. Locking is recommended.

After close Commentary: Not much action in the Mortgage Bond markets today, typical for a Monday during the summer months. There were no economic reports released today. The Fannie Mae 30-yr 3.5% coupon closed at 103.22, -6bp. Stocks rallied as the tensions between the U.S. and North Korea eased up. The Dow gained 135.39 points to 21,993.71, the S&P 500 was up 24.52 points to 2,465.84, while the NASDAQ surged by 83.67 points to end at 6,340.23. WTI oil closed at $47.59/barrel, -$1.23. 10yr Note yield 2.22%. Retail Sales, NAHB Housing Market Index and Empire Manufacturing will be released tomorrow morning. 


Late morning Commentary:  The July Federal Open Market committee meeting minutes will be released on Wednesday at 2:00 p.m. ET and could reveal when the Fed may begin to taper its balance sheet. However, with low inflation levels, the Fed will not be too eager to raise the short-term Fed Funds Rate anytime soon. Fed Fund Futures show a near zero percent chance of a hike to that rate at the September meeting.

The tensions between North Korea and the U.S. are easing a bit this week, which is helping to boost Stock prices after last week's sell-off. Over the weekend, key U.S. officials played down the risk of an imminent war with North Korea. Global Stocks lost nearly $1 trillion in value last week after President Trump warned North Korea that it would face "fire and fury" if it threatened the U.S.

Average gas prices at the pump rose in the latest week with the summer driving season well underway. The national average price for a regular gallon of gasoline rose to $2.35, up from $2.25 a month ago and well above the $2.12 seen last year this time. Motor club AAA says that drivers could see a modest increase in price as the summer drags on. The highest price ever recorded was $4.11 back on July 17, 2008.

9:36 AM ET  3.5% Fannie Mae 30-yr coupon down 12 bp at a price of 103.16  down 12 bp when rates were set Friday at 10:00 am et Open 103.16 High 103.19 Low 103.12

Dailey Moving averages we are currently above: 100  $102.83 200  $102.66   25 102.95  and below 50 102.97   Others numbers psychological numbers 103.00 , 103.19, 103.34

**Rate Assumptions  coming soon 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. Forgive my spelling and grammatical mistakes due to writing skills that are lacking and the need to communicate quickly.  


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