7/28/16

July 28th, 2016

10:53 AM New Rates have been posted 

30-Year Fixed 3.375%  (3.457% APR) No Origination Fee  

15-Year Fixed 2.750%   (2.892% APR) No Origination Fee

7-1 ARM 30 year 3.000% (3.341% APR) Conforming and Jumbo

For more rates & details click on the following link: http://www.johnmarbury.com/page5.html/

Below is the news when it happened and market reaction. All times are Eastern Standard Time

10:01 AM - Freddie Mac reports that the 30-yr fixed conventional mortgage rate, $417K or less, edged up to 3.48% in the latest week with 0.5 in points/fees.

 9:34 AM - The S&P trading near unchanged at the open.

 8:51 AM - The Treasury will $28B 7-year Notes today, results at 1:00 p.m. ET.

 8:36 AM - The New York Fed will be purchasing up to $2.6B in Fannie/Freddie 30-yr 3% coupons beginning at 11:15 a.m. ET.

 8:35 AM - U.S. dollar index 96.52, -0.52.

 8:30 AM - Weekly Initial Jobless Claims +14K to 266K, above the 260K expected.

 8:21 AM - S&P futures near unchanged as investors assess the Fed's statement and future interest rate policy.

 8:18 AM - 10-yr T Note yield 1.51%.

 8:18 AM - WTI oil $42.15/barrel, +$0.20.

 8:15 AM - However, Fed Fund Futures are reflecting an 18% chance of higher rates by the September meeting, from 27% before the statement was released.

 8:12 AM - The Fed did say "near-term risks to the economic outlook have diminished", which left some to believe that a September hike may be in the cards.

 8:08 AM - MBS open near unchanged after yesterday's rally touched off by no change in rates and no clear language as to when hikes may begin.

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
NMLS# 740833
Phone:205-266-5669
Fax: 866-217-4174

813 Shades Creek Parkway
Birmingham, Alabama 35209
 

Mission Statement

As a loan officer (mortgage broker 1989-2006) since 1985, I have seen a lot of changes over the years. The only consistency in the mortgage business and life is change. This is the reason that we believe it is necessary to move quickly and to be early. Let us know if you have any questions or if we can help in any way.

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