Rates Effective October 2, 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 Bond prices are modestly higher, while Stocks are also in positive territory as the fourth quarter gets underway. Carefully floating is recommended.
After close Commentary: Not a lot of action in the Mortgage Bond markets today as Stocks rallied and closed at record highs. The Fannie Mae 30-yr 3.5% coupon closed at 103.09, +9bp. The strong ISM Index weighed on Bond prices and helped buoy Stocks. The Dow closed at 22,557.60, +152.51 points, the S&P closed higher by 9.76 points to 2,529.12, while the NASDAQ was up 20.75 points to end the session at 6,516.71 - all record high closes. WTI oil closed at $50.58/barrel, -$1.09. 10-yr T Note yield 2.34%. There are no economic reports due for release tomorrow as traders eye Friday's Jobs Report for September.
Late morning Commentary: Manufacturing activity across the U.S. rose to its highest level in 13 years in September due in part to strong order growth and healthy production. The ISM Index surged to 60.8 last month, above the 57.8 expected which was boosted by factory bookings and production as the recovery begins following storms Harvey and Irma. Within the report it showed that news orders, the production index and the employment index all saw healthy gains.
After two straight months of declines, construction spending rose in September buoyed by gains in both the private and public sectors. The Commerce Department reported that construction spending rose 0.5% last month while figures for August were revised lower to -1.2% from -0.6%. The government said that hurricanes Harvey and Irma had little impact on the numbers. Construction spending increased 2.5% from September 2016 to September 2017.
At least 50 people have died and more than 400 injured by the hands of a lone gunmen in Las Vegas around 10:00 p.m. PT time yesterday at a concert at the Mandalay Bay Resort and Casino. The shooter is reported to have taken his own life before police got to him. It is the worst mass shooting in U.S. history. The gunman was identified as Stephen Paddock, 64, of Mesquite, Nevada and is believed to have acted alone.
|Mon, Oct 02 10:46 AM MBS holding modest gains.|
|Mon, Oct 02 10:32 AM The 60.8 registered for the September ISM Index was the highest in 13-yrs.|
|Mon, Oct 02 10:20 AM The Dow, NASDAQ and S&P all trade at fresh record highs.|
|Mon, Oct 02 10:07 AM The September ISM Index 60.8 vs 57.8 expected.|
|Mon, Oct 02 9:49 AM The S&P trades modestly higher soon after the opening bell on Wall Street.|
|Mon, Oct 02 8:37 AM Oil prices are slipping as in increase in U.S. drilling and higher OPEC output halts the recent rally. WTI oil $50.64/barrel, -$1.03.|
|Mon, Oct 02 8:34 AM U.S. dollar index +0.47 to 93.34 yields Treasury yields hover near their highest levels in almost 12 weeks.|
|Mon, Oct 02 8:31 AM Bond prices are capped after reports that former Fed governor Kevin Warsh may be the next Fed Chairman and is seen as on the hawkish side.|
|Mon, Oct 02 8:29 AM September ISM Index will be released at 10.|
|Mon, Oct 02 8:29 AM The big economic report this week is the September Jobs Report being released on Friday where it is expected that employers added just 75K jobs due in part to Harvey and Irma.|
|Mon, Oct 02 8:26 AM Casino shares MGM, Melco, Wynn Resorts, Las Vegas Sands are lower after the Las Vegas shooting.|
|Mon, Oct 02 8:23 AM MBS open near unchanged.|
|Mon, Oct 02 8:23 AM S&P futures higher as the 4th quarter gets underway.|
|Mon, Oct 02 8:21 AM The Las Vegas shooting is the deadliest in U.S. history.|
|Mon, Oct 02 8:21 AM The 10-yr T Note yield 2.34%, up from Friday's close of 2.32%.|
|Mon, Oct 02 8:10 AM At least 50 dead and 200 wounded in a horrific shooting in Las Vegas, suspect was shot dead by police.|
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.