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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% APR 4.066%

3.75% APR 3.791%

15 yr Fixed Rate

3% APR 3.198%

3.25% APR 3.369%

3.375% APR 3.453%

5/1 Adjustable Rate

3.125% APR 3.132%

2.75% APR 2.813%

2.75% APR 2.794%

Single family, owner occupied, 80% loan to value, 740 or better fico

 

Current Trend Direction: Sideways to Lower

Advise Your Clients: Locking if prices unable to break back above 200-day Moving Average

Current Price of FNMA 3.5% Bond: $104.03, -9bp

Mortgage Bonds begin the new month slightly lower after falling below support at the 200-day Moving Average late last week. If prices close beneath this resistance today - which is starting to look likely - clients should be advised to lock.

It's Jobs week as the important Jobs Report for October will be delivered on Friday.  Expectations are currently at 181K new jobs last month.  More on the subject as the week progresses.  At 10:00am ET, the ISM National Manufacturing Index will be released. 

Global Stocks rose overnight after stronger-than-expected manufacturing PMI's were released in China and Europe.  Weighing on Bond prices was ECB President Draghi making some less-than-dovish remarks over the weekend. In an interview published on October 31, the president of the European Central Bank said that further stimulus is still an "open question".

Technically, the Bond looks like it wants to stabilize, but underneath resistance at the 200-day Moving Average.  At the same time, the 10-Year Note yield is more comfortable above 2.00%.  With Bonds still near 2015 highs and a big, volatile Jobs Report coming later this week - clients should be advised to lock

 

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