Rates Effective August 31st, 2017 11:30 AM EST
*30-Year Fixed Rate 3.875% (3.961%APR)
**15-Year Fixed Rate 3.125% (3.271% APR)
Conforming loans $424,100 and under
No origination on all posted rates. Call for other rates. ***Rate Assumptions below the news
Suggestions that can change during the day: The August Jobs report was a bit of a disappointment, but Mortgage Bonds prices are declining. After the report, carefully floating is suggested.
After close Commentary: Coming Soon
Late morning Commentary: The Bureau of Labor Statistics reported on Friday that job growth in August fell short of expectations but still remains on solid ground. Non-farm Payrolls rose by 156,000, below the 183,000 expected, while June and July were revised lower by a total of 41,000. Within the report it showed that wage growth was anemic rising 0.1%, while year-over-year wage growth remained at 2.5% for the fifth consecutive month. The Unemployment Rate ticked up to 4.4% from 4.3%. Overall, the report was a bit of a disappointment.
National manufacturing activity surged in August to the best level in six years, reports the Institute of Supply Management (ISM). The ISM Manufacturing Index rose to 58.8 from 56.3 in July. Within the report it showed that the employment component was strong, while new orders slightly decreased. Of the 18 manufacturing industries, 14 reported growth in August.
The unofficial end of summer will take place on Labor Day as schools open and vacations destinations become a distant memory. Many Americans will take to the roads for their last gasp of summer and will celebrate with parades, beach parties and backyard barbecues. The National Highway Traffic Safety Administration advises to play it safe on the roads this weekend and obey the 4-second rule: keep a full 4 seconds behind the vehicle in front of you. Look ahead to note any changes in traffic flow or behavior. Be safe and enjoy the long weekend!
11:52 AM ET 3.5% Fannie Mae 30-yr coupon up 3 bp at a price of 103.56 up 6 bp when rates were set yesterday at 10:00 am et Open 103.56 High 103.75 Low 103.44
Dailey Moving averages we are currently above: 200 $102.57 100 $102.97 50 103.03 and 25 103.28 Others numbers psychological numbers New First level of Support 103.47, New Second Level of support $103.34
First level of resistance $103.69 low of 11/10/16 Second level of resistance $103.90 half of the trading range of 11/10/16. The Presidential election was 11/08/16. On that day the MBS closed at $104.91
|Fri, Sep 01 8:58 AM After the Jobs Report, MBS near unchanged. The rest of today's session will now be very quiet ahead of the 3-day holiday weekend.|
|Fri, Sep 01 8:46 AM The Labor Force participation Rate at 62.9, unchanged.|
|Fri, Sep 01 8:44 AM The U6 number unchanged at 8.6% which measures total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force.|
|Fri, Sep 01 8:40 AM S&P futures holding gains after the jobs data.|
|Fri, Sep 01 8:34 AM Not much reaction to the jobs data. The benchmark Fannie Mae 30-yr 3.5% coupon +9bp.|
|Fri, Sep 01 8:33 AM Average hourly earnings 0.1% vs 0.2% expected.|
|Fri, Sep 01 8:33 AM Unemployment Rate 4.4% from 4.3%.|
|Fri, Sep 01 8:30 AM August Non-farm Payrolls +156K vs 183K expected. June and July revised lower by a total of 41K.|
|Fri, Sep 01 8:10 AM U.S. dollar index 92.52, -0.10.|
|Fri, Sep 01 8:06 AM MBS open near unchaged.|
|Fri, Sep 01 8:03 AM WTI oil at $47.14/barrel, near unchanged.|
|Fri, Sep 01 8:02 AM The 10-yr T Note yield 2.13%, near unchanged.|
|Fri, Sep 01 8:00 AM MBS look to open near unchanged, while S&P futures are higher ahead of 8:30 a.m. ET release of the jobs data.|
|Fri, Sep 01 7:56 AM It's Jobs Day where it is expected that U.S. employers added 183K workers in August, while the Unemployment Rate is expected to remain steady at 4.3%|
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 3.125% and 70% loan-to-value (LTV) is $1393.22 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.271%. 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.