Mortgage Rates & Tomorrow is Unemployment Day

August 3rd, 2017

Suggestions that can change during the day:  Ahead of tomorrow's Jobs Report for July, it might be good time to lock in.

Rates Effective August 3, 2017 10:48 AM EST

No origination on all posted rates.  Call for other rates. **Rate Assumptions below the news

Conforming loans $424,100 and under

30-Year Fixed Rate 3.875% (3.961%APR)

15-Year Fixed Rate 3.250% (3.397% APR)

 

After close Commentary: Coming Soon

 

Late morning Commentary:  The Jobs Report for July will be released tomorrow morning at 8:30 a.m. ET and the numbers always carry big headline risks for the markets and mortgage rates. It is estimated that employers added 181,000 new workers, after the 222,000 created in June. The Unemployment Rate is expected to edge lower to 4.3%. Within the report, hourly earnings will be closely watched as wages have been stagnant for quite some time.

Mortgage rates were essentially unchanged this week as borrowing costs continue to remain historically low. Freddie Mac reported that the 30-year fixed rate mortgage was 3.93% this week from 3.92% last week with 0.5 in points and fees. Last year this time the rate was 3.43%. The 15-year fixed rate mortgage fell to 3.18% from 3.20% last week. Last the 15-year rate was 2.74%.

Americans filing for first-time unemployment benefits continue to hover near multi-decade lows as the job market continues to strengthen. Weekly Initial Jobless Claims fell by 5,000 to 240,000, just below the 245,000 expected. First-time unemployment benefits have remained below the 300,000 threshold for 126 straight weeks, the longest stretch since 1970 when the jobs market was smaller.

10:19 AM ET  3.5% Fannie Mae 30-yr coupon up 13 bp at a price of 103.19  up 3 bp when rates were set yesterday at 10:00 am et Open 103.16 High 103.22 Low 103.12

Dailey Moving averages we are currently above: 100  $102.67 200  $102.75    25 102.74  and below 50 102.96   Others numbers to watch this is a psychological number because all of the Zeros 103.00

High of 11/17/16  103.59  High of 11/10/16   104.12 

Thu, Aug 03 10:14 AM Freddie Mac reports that the 30-yr fixed mortgage rate is essentially unchanged this week at 3.93% with 0.5 in points.
Thu, Aug 03 10:04 AM July ISM Services 53.9 vs 56.9 and down from 57.4 in June.
Thu, Aug 03 9:51 AM Dow, S&P and NASDAQ slip into negative territory. Fannie Mae 30-yr 3.5% coupon holds slim gains.
Thu, Aug 03 9:30 AM Dow, S&P open slightly lower, NASDAQ near unchanged.
Thu, Aug 03 9:22 AM The 3.5% Fannie Mae 30-yr coupon touches resistance one (R1) at 103.19 after having successfully traded above former resistance at the 50-DMA, which now becomes support one (S1).
Thu, Aug 03 8:30 AM The Dow closed above the 22K milestone yesterday for the first time ever.
Thu, Aug 03 8:30 AM Weekly Initial Jobless Claims decline by 5K to 240K, near in line.
Thu, Aug 03 8:29 AM S&P futures near unchanged.
Thu, Aug 03 8:29 AM U.S. dollar index 92.71, near unchanged.
Thu, Aug 03 8:28 AM Economic data today is the 8:30 release of Weekly Initial Jobless Claims and the 10:00 release of ISM Services.
Thu, Aug 03 8:25 AM WTI oil $49.82/barrel, +$0.22.
Thu, Aug 03 8:24 AM 10-yr yield 2.24% from yesterday's close of 2.26%.
Thu, Aug 03 8:23 AM MBS open modestly higher as the markets awaits tomorrow's Jobs Report for July ... 181K jobs expected in the Non-farm Payrolls Report.
Thu, Aug 03 8:21 AM A somewhat dovish policy statement from the Bank of England gives Bond prices a boost while global yields edge lower.

**Rate Assumptions

 

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 3.875% and 70% loan-to-value (LTV) is $940.47 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.9617%. 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

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. Forgive my spelling and grammatical mistakes due to writing skills that are lacking and the need to communicate quickly.  

 

 

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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