By Andy Harris, President of Vantage Mortgage Brokers
VMG Rate Tracker – 11/11/2014
NMLS# 35986 
VMG Weekly Rate Tracker- Your Local Mortgage Leaders (sharing is caring)
DATE: Tuesday, November 11th, 2014
TIME: 10:45 AM PST
STATES: OREGON & WASHINGTON
CHANGE THIS WEEK: STAGNANT (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)
TODAY AND EVERY DAY WE THANK OUR MEN AND WOMEN IN UNIFORM, SERVING OUR COUNTRY AND PROTECTING OUR FREEDOM!
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 – Monday Nov. 10th
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Monday’s bond market has opened in negative territory, giving back some of Friday’s gains. The stock markets are starting the week calm but flat with the Dow down 2 points and the Nasdaq up 5 points. The bond market is currently down 7/32 (2.32%), which should push this morning’s mortgage rates higher by approximately .125 of a discount point.
There is nothing of importance set for release today. If we see an intraday revision to mortgage rates it will likely be a result of a move in stocks. If the major stock indexes start moving higher, we could see pressure in bonds that lead to an upward revision to rates later today.
The bond market will be closed tomorrow in observance of the Veteran’s Day holiday, but the stock markets will be open for business. There is no early close taking place today. The bond market will reopen for regular trading Wednesday morning. Because bonds won’t be trading tomorrow and mortgage lenders will likely use this afternoon’s pricing if they are open, there will be no update to this report tomorrow.
Look for Friday to be the most active day for mortgage rates with both of this week’s economic reports scheduled, including the highly important Retail Sales report. Despite the light economic calendar, there is still a decent chance of seeing a noticeable move in rates this week. Therefore, it would prudent to maintain contact with your mortgage professional if still floating an interest rate.
Harris Consulting, Inc. DBA Vantage Mortgage Group, Inc.
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