September 14th, 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 3:17 pm. All times are Eastern Standard. Currently Mortgage backed securities are trading at $103.44 up 22 basis points from Tuesday’s close, below the 50 (black line) and 25 (green line) day moving average. We are above the 100 day moving average (Red line). The MBS has not closed below the Red line in the last 6 months
Feel free to call (205-266-5669) or email (email@example.com) John for a quote based on the terms of you loan.
9:26 AM New Rates have been posted
30-Year Fixed 3.500% (3.583% 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.
3:15 PM - Fed jitters and oil pressure Stocks; Apple (AAPL, $111.59, +$3.64) shines in a down market. The S&P flip flops between positive and negative, now just below the flatline, -3 points.
1:06 PM - At midday, MBS holding gains, S&P modestly higher. 10-yr T Note yield edges lower to 1.69%. WTI oil continues its push lower, down $1.02 to $43.89/barrel.
12:17 PM - MBS trade in a tight range for the past few hours and holding gains.
10:06 AM - The Dow and S&P swing back into positive territory.
9:53 AM - The Dow and S&P fall into negative territory.
9:35 AM - The S&P trades modestly higher soon after the open.
8:47 AM - Fed Fund Futures show a 15% chance of a hike to the short-term fed Funds Rate next week, 45% in December.
8:32 AM - The average contract interest rate for the 30-year fixed conforming loan ($417,000 or less) decreased to 3.67% from 3.68%, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio loans.
8:29 AM - The MBAs refinance index +2%, purchase index +9%.
The MBAs Market Composite Index, a measure of total mortgage application volume, rose 4.2% in the latest week.
There are no economic reports due for release today.
S&P futures edge higher after yesterday's sell-off.
U.S. dollar index 95.55, -0.09.
WTI oil begins to slide, -$0.33 to $44.56/barrel.
10-yr T Note yield 1.71%.
Bayer to acquire Monsanto for $128 a share in all cash deal totaling $66 billion.
8:10 AM - MBS open modestly higher after yesterday's decline. The 3% Fannie Mae 30-yr coupon trades above support at the 100-day Moving Average (103.21).
WTI oil $44.87/barrel, near unchanged as Texas Tea tries to stabilize.
The 3% Fannie Mae 30-yr coupon lost 106bp since last Wednesday's high (104.06) to yesterday's low (103) falling through support at the 25, 50 and 100-day Moving Averages before rebounding to close right on support at the 100-day.