Monday's Rates and News

July 10th, 2017

Suggestion: Difficult for Bond rates to drop further. No big econ reports today. Watching global yields. Let’s start day floating.

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

Rates Effective July 10, 2017 11:30 AM EST

No origination on all posted rates.  Call for other rates

Conforming loans $424,100 and under

Fixed Rates

30-Year Fixed 4.125% (4.213%APR)

15-Year Fixed 3.375% (3.523% APR)

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.
  • 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 4.125% and 70% loan-to-value (LTV) is $969.30 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.213%. 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 3.375% and 70% loan-to-value (LTV) is $1417.52 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.523%. 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

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.

After close Commentary:  Stock and Bond markets experienced positive gains today, albeit some were modest. The FNMA 30-year 3.5% coupon continued to struggle to get above the 100-day moving average (102.55), closing at 102.50, up 9 bps. All major Stock indexes also were up, with the S&P gaining 2.25 to close at 2427.43, the Nasdaq up 23.31 to 6176.39, and the Dow down 5.82 to 21408.52. WTI Crude showed some promise, rising .20 to 44.43. Wholesale and consumer inflation as well as Retail Sales will be released at week’s end .

Mon, Jul 10 2:30 PM USD LIBOR 1-month 1.22%, 3-month 1.30%, 6-month 1.46%, 12-month 1.75%.
Mon, Jul 10 12:45 PM U.S. dollar index 95.83 +0.043.
Mon, Jul 10 11:16 AM 10-yr German Bund yield .54% down from previous close of .57%
Mon, Jul 10 10:25 AM 10-yr T Note yield rises to 2.38% from previous close of 2.37%

Late morning Commentary:  Buyout talks have unraveled for former fashion icon Abercrombie and Fitch, the latest mall fixture plagued by online shopping. The retailer announced 60 store closings in 2017 and shuttered 53 stores last year. Express and American Eagle Outfitters were rumored to be potential buyers.

The U.S. Senate is back in session today and trying to diagnose the health of their next move on the repeal and replacement of the Affordable Care Act, commonly known as Obamacare. The House of Representatives passed a healthcare overhaul bill in May. Among the challenges for Congress: reducing healthcare costs while minimizing the loss of coverage to millions of Americans.

Markets opened little changed this morning. Potential market movers are many the latter half of the week, including reports on retail sales as well as wholesale and consumer inflation. Earnings reports for second quarter start to filter in when big banks release their numbers Friday. Global yields also need to be watched after last week’s spikes rattled U.S. markets.

Mon, Jul 10 9:17 AM WTI oil at $43.86/barrel down 37 cents.
Mon, Jul 10 8:07 AM S&P futures open slightly 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.

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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