July 25th, 2017
Suggestion: Higher Stock prices and positive economic data pushes Mortgage Bond prices lower this morning. Short-term locking is recommended, longer term floating.
For News that affect these rates drag all the way down the page.
Rates Effective July 25, 2017 11:30 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 3.25% (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.
After close Commentary: MBS plunged today while yields surged due to positive economic data here in the States and abroad, rising oil prices and a Stock rally that left the major indices at record closing highs. The Fannie Mae 30-yr 3.5% coupon closed at 102.62, -34bp, after hitting 102.50 earlier in the session. The Dow gained 100.26 points to 21,613.43, the S&P closed at a record high of 2,477.08, +7.17 points, while the NASDAQ squeaked out a meager gain and also closed at a record high of 6,412.17, +1.36 points. WTI oil closed at $47.89/barrel, +$1.55. 10-yr yield rose to 2.32%. June New Home Sales will be released tomorrow. The Treasury will sell $34B 5-yr Notes, results at 1:00 p.m. ET and comes after today's solid performance from the 2-yr offering. The big headlines will come from the FOMC meeting tomorrow at 2:00 p.m. ET when the monetary policy statement is released. As always, be sure to stay glued to MMG tomorrow as we navigate you through the choppy waters.
|Tue, Jul 25 4:09 PM S&P (2,477) and NASDAQ (6,412) close at all-time highs.|
|Tue, Jul 25 3:11 PM Motion to proceed on healthcare debate passes Senate.|
|Tue, Jul 25 2:27 PM Alert To Lock!|
|Tue, Jul 25 2:02 PM Foreclosure filings in the first half of 2017 decline 20% from the first half of 2016.|
|Tue, Jul 25 1:13 PM The $26B 2-yr Note auction garners an "A" rating.|
|Tue, Jul 25 1:00 PM At midday, MBS lower. Stocks rallying, at record highs. 10-yr yield 2.32%.|
|Tue, Jul 25 12:38 PM The $26B 2-yr Note auction results will be released at 1:00 p.m. ET.|
|Tue, Jul 25 12:33 PM Healthcare vote this afternoon.|
|Tue, Jul 25 12:32 PM Strong earnings lifts S&P, Dow. Alphabet earnings drag on NASDAQ.|
Late morning Commentary: The May S&P/Case-Shiller 20-City Index rose 5.7% year-over-year, in line with estimates and just below the 5.8% in April. Demand continues to outweigh supply in many key areas across the nation. Month-over-month, the 20-City Index rose 0.1%. The National Index saw a 5.6% annual increase in May, matching the April number and a gain of 1.0% from April to May. “Home prices continue to climb and outpace both inflation and wages,” said spokesperson David Blitzer.
The Conference Board reported that Consumer Confidence rose to the second highest level in 16 years due in part to the strong labor market. The Consumer Confidence Index rose to 121.1 in July, above the 116.8 expected and above the 117.3 recorded in June. The Conference Board said the consumers see the current economic expansion continuing into the second half of the year. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. This monthly report details consumer attitudes and buying intentions, with data available by age, income, and region.
The Federal Housing Finance Agency (FHFA) reports that its Home Price Index (HPI) saw a gain of 0.4% in May from April and was up 6.9% year-over-year. For the nine census divisions, the 12-month changes were all positive, ranging from +4.0 percent in the Middle Atlantic division to +8.7 percent in the Pacific division. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by Fannie Mae and Freddie Mac.
|Tue, Jul 25 10:59 AM The IMF says the ECB should maintain stimulus, calls for an end are premature.|
|Tue, Jul 25 10:56 AM Stocks adding to gains now. Dow +100 points.|
|Tue, Jul 25 10:50 AM 10-yr yield rises to 2.31%.|
|Tue, Jul 25 10:39 AM The FHFA reports that home prices increased 0.4% in May from April, +6.9% year-over-year.|
|Tue, Jul 25 10:08 AM Dow, S&P higher, off best levels. NASDAQ slightly lower as Alphabet (Google) weighs.|
|Tue, Jul 25 10:04 AM MBS back at session lows after the strong Consumer Confidence number.|
|Tue, Jul 25 10:01 AM July Consumer Confidence 121.1 vs 116.8 expected.|
|Tue, Jul 25 9:33 AM Dow +150 points soon after the opening bell.|
Tuesday 9:10 AM ET 3.5% Fannie Mae 30-yr coupon down 16 bp at a price of 102.810 down 19 bp when rates were set yesterday at 10:00 am et Open 102.88 High 102.91 Low 102.81
Numbers to watch for:
Currently Buying Opportunities for Traders
$102.60 100 Day Moving average
$102.78 High of 5/16/17
102.82 25 day moving
102.80 200 day moving average
Currently Selling opportunities for Traders
102.95 50 day moving average
103.00 traders keep their eye on round numbers and this is one them with lots of zeros
|Tue, Jul 25 8:59 AM Stock futures push further into positive territory.|
|Tue, Jul 25 8:58 AM MBS edging lower.|
|Tue, Jul 25 8:50 AM U.S. dollar index 93.57, -0.22.|
|Tue, Jul 25 8:42 AM Dow components Caterpillar, McDonald's, DuPont beats, United Technologies revenues rises 2.7%, 3M earnings beat, misses on revenues.|
|Tue, Jul 25 8:31 AM Alphabet (Google) shares lower after it noted that costs were rising faster than sales and warned that expenses would remain high. Amazon and Facebook report results later in the week. Apple reports next week.|
|Tue, Jul 25 8:28 AM WTI oil $47.19/barrel, +$0.84.|
|Tue, Jul 25 8:27 AM S&P/Case Shiller Home Price Index will be released at 9:00, Consumer Confidence at 10:00.|
|Tue, Jul 25 8:22 AM The 2-day Fed meeting kicks off today and there will be no headlines until 2:00 p.m. ET tomorrow when the monetary policy statement is released.|
|Tue, Jul 25 8:21 AM 10-yr yield 2.28% from yesterday's 2.25% close.|
|Tue, Jul 25 8:18 AM Positive economic data out of Europe presses Bond prices lower.|
|Tue, Jul 25 8:15 AM Treasury and Mortgage Backed Securities open lower as oil prices and global equity indices advance though the losses in MBS are marginal.|
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.