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VMG Weekly Rate Tracker- Your Local Mortgage Leaders (sharing is caring)
DATE: Tuesday, November 4th, 2014
TIME: 4:30 PM PST
STATES: OREGON & WASHINGTON
CHANGE THIS WEEK: WORSE (from last Tuesday)
GET YOUR FAST CUSTOM RATE QUOTE– HERE
SUGGESTION: LOCK/BE IN POSITION TO LOCK – Keep a close eye and get updates from your Loan Consultant (see below for more commentary)
VMG CLIENT’S FIXED RATE PRICING OPTIONS (rates subject to change)
***Below rate optional pricing has NO additional lender-related fees (i.e. processing, underwriting, application, etc.). Lender credits below result in (negative) lender fees applied toward 3rd party fees or prepaids (taxes, insurance, interest). Contact Loan Consultant for personalized quote.
GREEN = LENDER CREDIT BACK TO YOU BASED OFF % OF LOAN AMOUNT
RED = OPTIONAL BUY-DOWN BASED OFF % OF LOAN AMOUNT
CONTACT US FOR ADDITIONAL PROGRAM QUOTES (OTHER FIXED TERMS, ARMs, JUMBO, USDA, ETC.)
*Rates change daily. Conforming interest rate samples based off $240,000 loan amount, 75% Loan to Value, 740 or higher FICO score, with impounds on a 30 day rate lock period. FHA/VA based off 3.5% down payment, but other same variables. Costs or credits shown pertain to interest rate and do not include any other applicable 3rd party title and escrow charges or prepaid tax and insurance reserves which may or may not apply. Lock period suggested depends on current loan volume and lending climate at time of loan application and approval. Other risk-based pricing adjustment may apply. The displayed annual percentage rates (APRs) include total points and additional prepaid finance charges but do not include other closing costs. On adjustable-rate loans, rates are subject to increase over the life of the loan. Learn more about assumptions and APR Information. Loan pricing may only be locked through a home loan consultant to be effective. Rates will depend in part on your unique credit history and transaction characteristics. Please email or call for updated pricing at anytime as rates and pricing are subject to change. This information does not constitute a loan commitment or approval.
Rate Lock Advisory – Tuesday Nov. 4th
Tuesday’s bond market has opened in positive territory with stocks in negative ground and today’s only economic data showing somewhat favorable results. The major stock indexes are showing relatively minor losses with the Dow down 41 points and the Nasdaq down 28 points. The bond market is currently up 8/32 (2.31%), which will likely improve this morning’s mortgage rates by approximately .125 of a discount.
The Commerce Department announced late this morning that September’s Factory Orders fell 0.6%. This was close to forecasts of a 0.5% decline in new orders, indicating manufacturing sector weakness. However it wasn’t enough of a variance to draw much attention in this morning’s trading or affect today’s mortgage rates.
Tomorrow also has only one report that is likely to affect mortgage rates. That would be the ADP Employment report at 8:15 AM ET. It has the potential to cause some movement in the markets if it shows much stronger or weaker numbers than expected. This report tracks changes in private-sector jobs of ADP’s clients that use them for payroll processing. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not accurate in predicting results of the monthly government report that follows a couple days later. Still, because we have seen reaction to the report recently, we should be watching it. Analysts are expecting it to show that 220,000 new payrolls were added. The lower the number of jobs, the better the news it is for mortgage rates.
I would not be surprised to see the markets get pretty active as the week progresses. This is not just due to the economic data set for release tomorrow and Thursday, but more of a situation where traders are preparing for Friday’s extremely important Employment report. I think there is room for some improvement in bonds and rates the next day or so, although it is always risky to float a rate going into this particular report because it is certainly a market mover. Accordingly, I am holding the current recommendations for the time being.
Harris Consulting, Inc. DBA Vantage Mortgage Group, Inc.
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