September 7th, 2016
What Is Going On With Interest Rates? #wigowir
When the price of Mortgage Backed Securities (MBS) on the Chart above goes down rates go up, and when the price goes up rates come down. Chart was posted at 11:00 am. All times are Eastern Standard. Currently Mortgage backed securities are trading at $103.97 up 0 basis points from Tuesday’s close, and above the 50 and 25 day moving average.
Commentary 11:00 am currently we are trading just below $104.00. This is a round number that may be difficult to trade above for an extended period.
Feel free to call (205-266-5669) or email (firstname.lastname@example.org) John for a quote based on the terms of you loan.
9:25 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) No Origination Fee
For more rates and details click: http://www.johnmarbury.com/page5.html/
Below is the news when it happened and the market’s reaction. All Times are Eastern Standard Time.
10:18 AM - The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report showed job openings in July soared to an all-time high of 5.87 million.
9:45 AM - WTI oil at $45.04/barrel. +$0.21.
9:44 AM - The S&P 500 Stock Index trades near unchanged soon after the open.
8:32 AM - The benchmark 3% Fannie Mae 30-yr coupon closed above resistance at the 25 and 50-day Moving Averages yesterday and opened above those levels this morning.
8:27 AM - At 10:00 a.m. ET the Fed's Lacker (non-voter, hawk) and George (voter, hawk) will testify before the House Committee on Financial Services on regional Fed governance.
The New York Fed will be purchasing up to $2.050 billion in 30-yr Fannie/Freddie 3s and 3.5s beginning at 9:00 a.m. ET.
The Fed's Beige Book will be released at 2:00 p.m. ET.
There are no economic reports due for release this morning.
The MBAs refinance Index increased 1%, while the purchase Index also increased 1%.
The MBA reports that its Market Composite Index, a measure of total mortgage application volume, edged higher by 0.9% in the latest week.
10-yr T Note yield 1.53%.
U.S. dollar index 94.90, +0.08.
The recent spate of weak data, such as ISM Manufacturing and Services, lower auto sales, the miss for Non-farm payrolls, has pushed Fed Fund Futures to show just a 15% chance of a hike in the Fed Funds Rate later this month.
Mortgage Bonds open near unchanged, while S&P futures are slightly lower as investors ponder the future course of interest rates.
San Francisco Fed President Williams brushes off weak PMI data to argue for rate hike sooner rather than later.