July 29th, 2016
10:32 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 and details click: http://www.johnmarbury.com/page5.html/
The chart above was posted after the close of trading. When the price goes up Rates come down. You will see on this chart prices currently going up. Stay tuned for more information next week.
MBS tighten as month end buyers, limited supply aids the rally. Weak GDP had buyers taking advantage of the limited originator supply. The Fannie Mae closed above the 104.0 level only 5 times in the past two years and took place in early June of this year and today.
MBS had an uplifting session opening just above support at the 25-day Moving and traded north for most of the day. Weak GDP the catalyst in today's move with month end buying chipping in. The Bond closed at 104.06, +25bp. Stocks hovered near unchanged throughout the trading day, but the S&P and the Nasdaq did squeak out gains. The Dow lost 24.11 points to 18,432.24, the S&P was up 3.54 points to 2,173.59, while the Nasdaq gained 7.15 points to 5,162.13. WTI oil closed at $41.54/barrel +$0.40. 10-yr T Note yield 1.45%. Next week the closely watched July Jobs Report will be released on Friday where it is expected that employers hired 185,000 new workers. Have a great weekend!
Below is the news when it happened and market reaction. All times are Eastern Standard Time
3:14 PM - With the week just about behind us, traders look to the next market mover ... the July Jobs Report, which is set to be released next Friday, August 5.
3:12 PM - S&P hits record intraday high of 2,177.
2:57 PM - Not much action this afternoon, but MBS hover near the session highs.
2:40 PM - The Fannie Mae 30-yr 3% coupon trades well north of support at the 25-day Moving Average.
2:04 PM - Fresh session highs for MBS.
1:01 PM - The Wall Street Journal reports: Seven years later, economic recovery remains the weakest of the post-World War II era.
12:28 PM - A summer Friday afternoon sees slowing volumes and rangebound trading. MBS holding gains, Stocks mixed.
10:55 AM - The S&P turns positive.
10:29 AM - MBS push to session highs as Stock losses accelerate.
10:00 AM - Final July Consumer Sentiemnt 90 vs the 90.4 expected.
9:48 AM - July Chicago PMI 55.8 vs the 54.0 expected.
9:46 AM - The S&P trades slightly lower soon after the open.
9:06 AM - Within GDP it did show that consumer spending rose 4.2%, the best since late 2014.
8:54 AM - WTI oil $40.91/barrel, -$0.24.
8:46 AM - Stock futures weaken a bit further after GDP.
8:43 AM - MBS able to edge higher after the weak GDP data.
8:33 AM - The U.S. dollar index edges lower to 96.06, -0.66 on the notion that slow growth will hold interest rates lower for a longer period of time.
8:31 AM - Second quarter GDP 1.2% vs the 2.6% expected, first quarter revised lower to 0.8% from 1.1%.
8:27 AM - S&P futures are in negative territory weighed down by lower earnings and revenues from Exxon Mobil. Exxon carries weight in both the Dow and the S&P.
8:24 AM - The Bank of Japan disappointed the most optimistic investors by keeping its main policy rate at .10% and no change in its asset purchase program.
8:20 AM - In addition to GDP, the Employment Cost Index (8:30), Chicago PMI (9:45) and Consumer Sentiment (10) will be released.
8:12 AM - 10-yr T Note yield 1.52%.
8:12 AM - The closely watched first reading on Q2 2016 GDP will be released at 8:30. Yesterday, the Atlanta Fed revised its forecast lower to 1.8% from 2.3%.
8:08 AM - MBS open near unchanged after the bounce off the lows seen on Wednesday.