July 3rd, 2017
Rates Effective July 3, 2017 9:45 AM EST
No origination on all posted rates. Call for other rates
Conforming loans $424,100 and under
30-Year Fixed 4.000% (4.087%APR)
15-Year Fixed 3.250% (3.397% APR)
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.
Comments at the Close: This short trading day was marked with volatility out of the gate. Manufacturing numbers came in via the ISM Index and were above estimates. While the numbers were not incredible, on a light-trading day we saw exaggerated movement at the expense of Bonds.
The Dow closed up 129.64 at 21479.27, the S&P was up 5.60 to 2429.01, and the Nasdaq was down -30.36 to 6110.60. The FNMA 30-year 3.5% coupon fell below the 100-day moving average, ending the short day down -7 bp to close at 102.56 today.
Markets are closed Tuesday in observance of Independence Day. Wednesday’s release of the Federal Open Market Committee meeting minutes and Friday’s Jobs Report for June could add some additional fireworks.
Enjoy your Fourth of July with family and friends!
Mid Morning Commentary On the eve of our nation’s biggest day for firing up the BBQ, the price of beef has ground down to be competitive with pork and poultry. An explosion in production has yielded a booming supply and sparkling prices at the supermarket reminiscent of 2014. Retail prices for U.S. Ground beef are down 4.3 percent from 2016, and the U.S. Department of Agriculture estimates production will continue to rise 4 percent this year. Grab the pickles and ketchup. It’s grilling time.
Tesla announced it’s set to make first deliveries of its electric Model 3 this month. The car has a 215-mile range on one charge, can seat 5 adults, and accelerate from 0 to 60 in less than 6 seconds. The mass-market car is a smaller model set to appeal to the general public in affordability. The starting price is $35,000, compared to the Model S with a base price of $69,200 and Model X at $83,700.
Q2 2017 is one for the books while Q3 is now open for business. The S&P 500 scored its biggest gain for the first half of the year since 2013. The Nasdaq posted its best first half since 2009. U.S. stock index futures are higher this morning, with all three major indexes on track to begin Q3 up. Trading volume is expected to be light this week as Stock markets close at 1 p.m. ET and Bond markets at 2 p.m. ET today. Markets are closed tomorrow in observance of July 4th.
Mon, Jul 03 10:04 AM ISM Manufacturing Index 57.8 (June) vs. 55.5 estimate.
|Mon, Jul 03 8:30 AM WTI oil at $46.30/barrel up 26 cents.|
|Mon, Jul 03 7:53 AM S&P futures open higher.|
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.