Rates Effective October 11th, 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: Mortgage Bonds prices are being boosted by a flat Stock market. Carefully floating is recommended.
After close Commentary: Coming Soon
|Wed, Oct 11 3:03 PM The Fed minutes revealed that despite low inflation levels, the Fed appears comfortable with hiking rates. There is currently an 87% chance of a hike to the Fed Funds Rate in December.|
|Wed, Oct 11 2:01 PM Fed expects wages to pick up after time, concerned about persistent low inflation.|
|Wed, Oct 11 2:00 PM Fed minutes reveal that an increase in the Fed Funds Rate later this year would be warranted.|
|Wed, Oct 11 1:23 PM New York Federal Reserve's markets chief Simon Potter says confident Fed's balance sheet reduction won't disrupt the Treasuries, Mortgage Backed Securities markets.|
|Wed, Oct 11 1:15 PM The $20B 10-yr Note offering garners a "B-" rating.|
Late morning Commentary: Mortgage rates continued to edge higher in the latest week, as reported by the Mortgage Bankers Association. The 30-year conforming mortgage rate ($424,100 or less) rose to 4.16% from 4.12% with an average point of 0.44. Jumbo 30-year rates also rose from 4.09% to 4.11% with 0.31 points. The 30-year fixed FHA was essentially unchanged at 4%. The survey covers over 75% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.
Federal Reserve Bank of Chicago President Charles Evans was speaking in Zurich on Wednesday, saying that low inflation levels here in the U.S. may not be a temporary phenomenon. Mr. Evans also said that the fundamentals for the economy here in the States are really very strong. Just recently, the Fed's favorite inflation gauge, the annual Core Personal Consumption Expenditures (PCE), fell to 1.3% from 1.6% in April and well below the Fed's target range of 2%.
Corporate earnings season ramps up this week with numbers from JPMorgan Chase and Citigroup on Thursday and Bank of America and Wells Fargo on Friday. The S&P 500 companies are expected to post a 4.6% rise in earnings year-over-year. According to Thomson Reuters, the 4.6% forecast is down from 5.9% at the beginning of the month, and 14.9% a year earlier.
|Wed, Oct 11 11:36 AM The $24B 3-yr Note auction garners a "C" rating.|
|Wed, Oct 11 10:34 AM Fed's Evans says weak inflation may not be temporary phenomenon.|
|Wed, Oct 11 10:15 AM The Labor Department reports that its JOLTS (Job Opening and Labor Turnover Survey) report revealed that on the last business day of August, there were 6.1 million job openings, little changed from July.|
|Wed, Oct 11 9:43 AM S&P trades near unchanged soon after the opening bell.|
|Wed, Oct 11 9:00 AM Earnings season ramps up tomorrow with numbers from JPMorgan Chase and Citigroup tomorrow, B of A and Wells Fargo on Friday.|
|Wed, Oct 11 8:47 AM WTI oil at $51.01/barrel, near unchanged.|
|Wed, Oct 11 8:45 AM The minutes from the September FOMC meeting will be released at 2:00 p.m. ET this afternoon.|
|Wed, Oct 11 8:37 AM The MBA reports that the 30-yr conforming rate rose 4bp to 4.16%, jumbo rate +2bp to 4.11%, FHA 4% - highest levels since late July.|
|Wed, Oct 11 8:36 AM The MBAs refinance index -4.2%, purchase index unchanged.|
|Wed, Oct 11 8:35 AM The MBAs Market Composite Index, a measure of total mortgage loan application volume, fell 2.1% in the latest week.|
|Wed, Oct 11 8:32 AM Fed's Evans says fundamentals for the U.S. economy are really very strong.|
|Wed, Oct 11 8:30 AM There are no economic reports due for release today.|
|Wed, Oct 11 8:28 AM The Treasury will offer $24B 3-yr Notes this morning, results at 11:30 a.m. ET and will offer $20B 10-yr Notes, results at 1:00 p.m. ET.|
|Wed, Oct 11 8:20 AM 10-yr T Note yield 2.34%, unchanged.|
|Wed, Oct 11 8:20 AM U.S. dollar index 92.94, -0.16.|
|Wed, Oct 11 8:17 AM MBS open near unchanged while S&P futures point to a slightly lower open when the bell rings at 8:30 a.m. ET on Wall Street.|
|Wed, Oct 11 8:16 AM The Fannie Mae 30-year 3.5% coupon had its Monthly Rollover last night with the effect being -22bp.|
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
**Rate Assumptions coming soon
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.