August 1st, 2016

10:38 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/

Below is the news when it happened and the markets reaction.

10:34 AM - U.S. construction spending fell for a third straight month in June.

10:21 AM - The S&P edges into positive territory, barely.

10:02 AM - The July ISM Manufacturing Index 52.6, below the 53.1 expected. The employment component fell into contraction to 49.4 from 50.4. 50% is the dividing line from expansion and contraction.

 9:42 AM - Stocks trading with modest losses, Dow -30 points.

9:18 AM - The median sales price of a new home sold nationwide during June 2016 was $306,700. The median sales price of an existing home sold nationwide during June 2016 was $247,700.

 8:21 AM - The big economic headline comes on Friday morning with the release of the July Jobs Report where it is expected 185K jobs were created.

 8:20 AM - WTI oil slides lower by -$0.37 at $41.23/barrel.

 8:20 AM - The ISM Index will be released at 10:00 a.m. ET.

 8:17 AM - New York Fed President Dudley says it would be premature to rule out rates hikes this year, but he called latest GDP (1.2%) sluggish and said that negative shocks were more likely to materialize than positive ones.

 8:16 AM - 10-yr T Note yield 1.49%.

 8:13 AM - MBS open lower after the three-day rally as Stock futures edge higher.


John Marbury
NMLS# 740833
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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