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Weekly Mortgage Message from our in-house Mortgage Master Specialist Colleen Polson

 

Loan Program

Up to $417,000

$417,001 - $601,450

$601,451-$1,000,000

30 yr Fixed Rate

3.875% APR 3.951%

4.125% APR 4.181%

4% APR 4.039%

15 yr Fixed Rate

3% APR 3.127%

3.375 % APR 3.472%

3.5% APR 3.573%

5/1 Adjustable Rate

3% APR 3.132%

2.75% APR 2.801%

2.75% APR 2.788%

 

 

Current Trend Direction: Sideways beneath resistance

Advise Your Clients: Locking

Current Price of FNMA 3.5% Bond: $103.75, -22bp

Mortgage Bonds begin the holiday shortened week lower, being pressured by a rebound in Stocks.

Today's action in Stocks is being fueled by expectations that the Chinese central bank will enact further stimulus measures. The news comes after Chinese exports fell in China for a 2nd straight month.

After Friday's weaker than expected August Jobs Report, Fed Futures trading is indicating a 20% chance of a rate hike at next week's Fed meeting, down from 30% before the report...this is also helping boost Stock prices.

There are no economic reports due for release today and the calendar is light week with just Weekly Initial Jobless Claims on Thursday, with PPI and Consumer Sentiment  on Friday. The Treasury plans to sell a total of $58B in 3 and 10-Year Notes, along with 30-Year Bonds this week, beginning today with the 3-Year paper, results at 1:00pm ET.

Technically, the Bond still has not been able to break above key resistance at the 200-day Moving Average, this despite the big drop in Stocks since August 17.  We will continue to lock with prices being capped by this tough ceiling.

Have a great week!  

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