Thursday's Rates & News Now Consolidated

June 29th, 2017

Suggestion: Higher global Bond yields send Mortgage Bond prices lower, but are being supported by a key technical level. Carefully floating is recommended.  

For News that affect the rates below drag all the way down the page.

Rates Effective June 29, 2017 11:45 AM EST

No origination on all posted rates.  Call for other rates like Adjustable Rates and Lender Paid PMI programs

Conforming loans $424,100 and under

Fixed Rates

30-Year Fixed 4.000% (4.087%APR)

15-Year Fixed 3.250% (3.397% APR)

Jumbo Loans over $424,100 and over

30-Year Fixed 4.000% (4.043% APR)

15-Year Fixed 3.750% (3.824% APR)

FHA (Federal Housing Authority)

30-Year Fixed 3.750% (4.808% APR)

For other programs call or email John (See contact information below)

Actual payments will vary based on your individual situation and current rates. The above rates are subject to change.

  • Some products may not be available in all states.
  • Jumbo Rates (loans over $424,100) not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 780; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 30 days.
  • The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment for all conventional loans.
  • Rates assume a credit score of at least 780.
  • ARM (adjustable Rate Mortgage) loans are variable rate loans; interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Rates displayed are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure. For conforming and jumbo ARM interest rates, at adjustment your new mortgage rate will be the average of the Interbank Offered rates for one-year, U.S. dollar-denominated deposits in the London Market(LIBOR) as published in the Wall Street Journal, plus a Margin of 2.25% subject to annual and lifetime adjustment caps.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. National Bank of Commerce offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (205) 266-5669 to talk to John Marbury.
  • 30-Year Fixed-Rate Mortgage: The monthly payment on a $200,000 30-year Fixed-Rate Loan at 4.000% and 70% loan-to-value (LTV) is $954.83 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.087%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
  • 15-Year Fixed-Rate Mortgage: The monthly payment on a $200,000 15-year Fixed-Rate Loan at 3.250% and 70% loan-to-value (LTV) is $1405.34 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.397%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply
  • 30-Year Fixed-Rate-Jumbo: The monthly payment on a $500,000 30 year Fixed-Rate loan at 4.125% and a 70% loan to value (LTV) is $2423.25 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.169%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
  • 15-Year Fixed-Rate-Jumbo: The monthly payment on a $500,000 15-Year Fixed-Rate Loan at 3.750% and a 70% loan to value (LTV) is $3,636.11 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.698%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
  • 30 year FHA Fixed-Rate Mortgage: The monthly payment on a $200,000 30 FHA Fixed-Rate Mortgage at 3.750% and a 96.5% loan to value (LTV) is $926.23 with 0 points due at closing. The Annual Percentage Rate is 4.808%. Payment does not include taxes, insurance premiums and mortgage insurance premium (MIP). The one time up front (MIP) is 1.75% of the base loan amount and a monthly MIP calculated at 1.35% of the base loan amount. Monthly MIP will be paid from the first payment till the loan is paid off. Some state and county maximum loan amount restrictions may apply. 

Below is the news when it happened and the market’s reaction.  For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time.  When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.

Commentary at the Close: MBS opened lower but were able to bounce off the lows, though they did end in negative territory as global yields edged higher. Today's near inline GDP and Weekly Claims had little impact on the markets. The Fannie Mae 30-yr 3.5% coupon closed at 102.88, -16bp. Stocks fell as tech slide resumed and as investors looked to book some profits. The Dow fell by 167.58 points to 21,287.03, the S&P 500 fell by 20.99 points to 2,419.70, while the NASDAQ was down 90.06 points to end the bearish session at 6,144.35. The indexes did close off the lows. WTI oil gained $0.19 to $44.93/barrel. 10-yr yield 2.26%. Tomorrow's economic data includes Personal Income & Spending, Core PCE, Chicago PMI and Consumer Sentiment.

Noon Overview:  Mortgage rates edged lower in the latest week falling to levels not seen since the week of the November presidential election. Freddie Mac reports that the 30-year fixed rate mortgage fell to 3.88% this week with 0.5 in points and fees. That is down from 3.90% in the previous week though above the 3.48% seen last year this time. Market experts had forecasted that mortgage rates would average 4.50% this year, but so far they have averaged 4.08%.

The final read on first quarter Gross Domestic Product rose by 1.4% from 1.2% in the second reading. And though economic growth ticked higher, it is still an anemic reading. Consumer spending edged higher by 1.1% from 0.6% due in part to an increase in spending on healthcare and financial services, this too is at a low level. The Atlanta Fed has since lowered their second quarter GDP expectations to 2.9% as of today from 4% back in late May.

A new report from online listing real estate agent Trulia revealed that housing inventory declined nearly 9% from last year in the second quarter of 2017. Home inventories have fallen for nine consecutive months and are down a whopping 20% from five years ago. Low inventories have been key in the recent rise in home prices and many experts feel that the shortages are having a big impact on the market with no relief in si

Thu, Jun 29 3:42 PM Dow -140 points after being down 250.
Thu, Jun 29 2:41 PM Stocks cut some losses. MBS at session highs, though still in the red.
Thu, Jun 29 1:28 PM At midday, Stocks plunging ... Dow -245 points. MBS lower, though off worst levels. 10-yr yield continues to drift higher, now at 2.26%.
Thu, Jun 29 12:30 PM Stock losses accelerating. Dow -151 points. MBS bounce off lows.
Thu, Jun 29 11:46 AM The Dow, NASDAQ and S&P giving back a big portion of yesterday's gains as the tech sell off resumes. Dow -105 points.
Thu, Jun 29 10:08 AM The Bond markets will close early at 2:00 p.m. ET on Monday July 3, while Stocks close at 1:00 p.m. ET. All capital markets will be closed on the 4th.
Thu, Jun 29 10:08 AM Freddie Mac reports that the 30-yr fixed rate mortgage fell to 3.88% for the week ending June 29 with 0.5 in points and fess added on top of that rate.
Thu, Jun 29 9:36 AM MBS edging lower.
Thu, Jun 29 9:35 AM Stocks slightly lower soon after the 9:30 a.m. ET opening bell.
Thu, Jun 29 8:37 AM Within GDP consumer spending rose 1.1% from 0.6% due in part to an increase of money spent on healthcare and financial services.
Thu, Jun 29 8:33 AM Weekly Initial Jobless Claims +2K to 244K, just above the 241K expected.
Thu, Jun 29 8:31 AM S&P futures near unchanged.
Thu, Jun 29 8:31 AM The final read on Q1 2017 GDP 1.4% from the second read of 1.2% and above the 1.2% expected.
Thu, Jun 29 8:28 AM WTI oil +$0.48 to $45.22/barrel.
Thu, Jun 29 8:27 AM The final read on Q1 2017 GDP will be released at 8:30 along with Weekly Initial Jobless Claims.
Thu, Jun 29 8:24 AM U.S. dollar index 95.60, -0.14.
Thu, Jun 29 8:23 AM 10-yr yield at 2.28% from the early Tuesday morning of 2.11%.
Thu, Jun 29 8:15 AM Global Bond prices decline, yields higher as annual German inflation increases more than expected.

Johnmarbury.com has attempted to verify the information contained on this post.  However any aspect of such may change without notice.  Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow  you see where actual rates have been along with the news that caused the fluctuations on the rate sheet.  I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly.  Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscribers of www.themortgagemarketguide.com  The cost of subscription is very reasonable.

 

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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