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
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.
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.