Rates Effective October 6th, 2017 10:30 AM EST
*30-Year Fixed Rate 4.000% (4.087%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: The September Jobs Report showed strong wage growth, which pushed Mortgage Bond prices lower. This might be the beginning of rates trending higher.
After close Commentary: Coming Soon
Late morning Commentary: The Labor Department reported on Friday that payroll growth declined in September mainly due to Hurricanes Harvey and Irma. Non-farm Payrolls declined by 33,000 last month versus the +75,000 expected. July was revised lower by 51,000 to 138,000, while August was revised higher by 13,000 to 169,000. The decline in job growth was the first negative number in seven years, but the numbers will most likely reverse higher in the coming months as Americans rebuild after the devastation in the hurricane impacted areas.
All was not lost within the report. Hourly earnings surged by 0.5 percent from August to September versus the 0.2 percent expected. Earnings are up 2.9% year over year. In addition, the Unemployment Rate fell to 4.2%, its lowest level in 16 years. Total unemployment, or the U6 number, fell to 8.3% from 8.6% and is down from 9.3% in September 2016.
The U.S. Stock markets hit record highs on Thursday due in part to hope on tax reform and after several positive economic reports were released in the past few weeks. The closely watched S&P 500 Stock Index hit 2,549.41 at the close of trading on Thursday, up nearly 20% from the presidential election in November. Stocks are lower today as investors take some profits after the mixed jobs report.
|Fri, Oct 06 10:19 AM|
Fed Fund Futures are now showing a 91% chance of a rate hike at the December FOMC meeting.
|Fri, Oct 06 9:38 AM|
MBS fall back to session lows.
|Fri, Oct 06 9:37 AM|
Stocks lower soon after the opening bell.
|Fri, Oct 06 9:07 AM MBS off session lows. S&P futures lower after the jobs data.|
|Fri, Oct 06 8:53 AM Fed's Kaplan says despite hurricane impacted weak September Jobs Report, labor markets are tightening.|
|Fri, Oct 06 8:48 AM July Non-farm Payrolls revised lower by 51K, August revised higher by 13K.|
|Fri, Oct 06 8:36 AM Total unemployment or the U6 number, 8.3% in September from 8.6% in August.|
|Fri, Oct 06 8:33 AM Unemployment Rate 4.2%, matching the February 2001 low of 4.2%.|
|Fri, Oct 06 8:32 AM September hourly earnings surge by 0.5% vs 0.2% expected, which is bearish for Bond prices.|
|Fri, Oct 06 8:31 AM Non-farm Payrolls -33K in September vs the +75K expected.|
|Fri, Oct 06 8:17 AM WTI oil $49.69/barrel, -$1.12.|
|Fri, Oct 06 8:15 AM U.S. dollar index 93.83, near unchanged.|
|Fri, Oct 06 8:07 AM MBS open slightly lower. S&P futures slightly lower ahead of the jobs data.|
|Fri, Oct 06 8:04 AM The 10-yr T Note yield 2.35%.|
|Fri, Oct 06 8:03 AM MBS look to open flat to slightly lower but that can all change at 8:30.|
|Fri, Oct 06 8:02 AM Non-farm Payrolls will be released at 8:30 a.m. ET.|
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 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.