Friday's Rates and News

June 30th, 2017

Suggestion: Heading into the holiday weekend where many will be off on Monday for the 4th of July, carefully floating is recommended.

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

Rates Effective June 30, 2017 11:45 AM EST

No origination on all posted rates.  Call for other rates

 

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 4.125% (4.169% APR)

15-Year Fixed 3.750% (3.824% APR)

FHA (Federal Housing Authority)

30-Year Fixed 3.625% (4.681% APR)

For VA or 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 3.824%. 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 3.625% and a 96.5% loan to value (LTV) is $912.10 with 0 points due at closing. The Annual Percentage Rate is 4.681%. 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:  And just like that, the books are closed on June and second quarter 2017. Month- and quarter-end selling set in the latter half of the trading day, leaving the FNMA 30-year 3.5% coupon down -22 bp to close at 102.66 today. Stocks posted gains heading into the July 4th holiday week. The Dow was up 62.60 to close at 21,349.63, the Nasdaq down 3.93 to 6140.42, and the S&P up 3.71 to 2423.41. WTI Crude gained 1.34 on the barrel to end the day at 46.27. Stock markets close at 1 p.m. ET Monday, July 3, and Bond markets close at 2 p.m. ET. All markets are closed Tuesday in observance of Independence Day. Trading is expected to be light next week as investors head out on vacation. Next Wednesday’s release of the Federal Open Market Committee meeting minutes and Friday’s Jobs Report for June could add some fireworks to an otherwise quiet week. Happy Fourth of July!

Fri, Jun 30 3:20 PM Looks like some month and quarter end selling setting in for MBS.
Fri, Jun 30 12:52 PM At midday, Stocks holding gains, MBS near unchanged. 10-yr yield 2.27%.
Fri, Jun 30 12:41 PM Markets turn quiet as players head out early for the weekend as many will be out on Monday for the holiday shortened session.

Late Morning Commentary:  Inflation remained tame in May as measured by the Core PCE rising by 0.1% in May from April, while the Fed's favorite inflation gauge, the annual Core PCE fell to 1.4%, well below the Fed's target range of 2%. Personal Incomes in May rose 0.4%, just above the 0.3% expected while Spending was up 0.1%, in line with estimates. With incomes rising more than spending, the personal saving rate rose 5.5% in May from 5.1% in April.

The week, month, quarter and the first half of the year comes to an end today with Mortgage Bonds near unchanged after a volatile week of trading. Stocks, as measured by the S&P 500, are up 8% for the first six months of the year, while mortgage rates fell to the lowest level of 2017 this week to 3.88% as reported by Freddie Mac. The price for a barrel of West Texas Intermediate crude oil has fallen to $45.55 today from $53.72 at the end of 2016.

Fri, Jun 30 10:12 AM Dow, S&P higher ... NASDAQ lower.
Fri, Jun 30 10:01 AM Final June Consumer Sentiment 95.1 vs 94.7 expected.
Fri, Jun 30 9:54 AM The June Chicago PMI 65.7 vs 57.8 expected.
Fri, Jun 30 9:08 AM Home affordability declined in the second quarter, dropping to its lowest level since 2008, according to the Q2 2017 U.S. Home Affordability Index by ATTOM Data Solutions, a multi-sourced property database.
Fri, Jun 30 8:40 AM May annual Core PCE falls to 1.4% from 1.5% and below the Fed's target rate of 2%.
Fri, Jun 30 8:32 AM May Personal Incomes 0.4% vs 0.3%, Spending 0.1% inline.
Fri, Jun 30 8:32 AM May Core PCE 0.1%, inline.
Fri, Jun 30 8:24 AM U.S. dollar index 95.44, +0.07.
Fri, Jun 30 8:23 AM WTI oil +$0.26, at $45.19/barrel.
Fri, Jun 30 8:17 AM The month, quarter and first half of 2017 ends today.
Fri, Jun 30 8:16 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.
Fri, Jun 30 8:15 AM Trading will volumes will decline significantly by this afternoon as players look to head out early for the weekend with many away for the shortened session on Monday.
Fri, Jun 30 8:07 AM After four days of volatility, MBS open near unchanged ahead of Core PCE inflation data, Consumer Sentiment, Consumer Spending & Income Incomes and the Chicago PMI.

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.

Sign Up Now!