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Updated Interest Rates

VMG Weekly Rate Tracker – 09/16/2014


 NMLS# 35986    
VMG Weekly Rate Tracker- Your Local Price Leaders (sharing is caring)
DATE:  Tuesday, September 16th, 2014
TIME:  2:30 PM PST
CHANGE THIS WEEK: WORSE (from last Tuesday)
SUGGESTION:  LOCK/BE IN POSITION TO LOCK –  Keep a close eye and get updates from your Loan Consultant (see below for more commentary)
VMG’S FIXED RATE OPTIONAL PRICING  (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.  Contact Loan Consultant for personalized quote.
*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 Sep. 16th 

Tuesday’s bond market has opened up slightly following slightly favorable inflation news and a flat open in stocks. The Dow is currently up 5 points while the Nasdaq has gained 4 points. The bond market is currently up 3/32 (2.58%), which could push this morning’s mortgage rates slightly lower than yesterday’s early pricing.

The Labor Department posted August’s Producer Price Index (PPI) at 8:30 AM ET this morning, revealing no changes in either the overall or core data readings. The overall reading pegged forecasts but the core reading was expected to rise slightly. This means inflationary pressures at the producer level of the economy were flat last month, making the data good news for the bond and mortgage markets. 

Tomorrow is the key day of the week, not only for mortgage rates but also for the broader financial markets. It will start with the release of August’s Consumer Price Index (CPI) at 8:30 AM ET, which is one of the more important monthly reports for the bond market. It is considered to be a key indicator of inflation at the consumer level of the economy. As with today’s PPI, there are two readings in the report- the overall index and the core data reading. Current forecasts show no change in the overall reading and a 0.2% rise in the more important core reading that excludes volatile food and energy prices. The weaker the readings, the better the news it is for bonds and mortgage rates.

We also have several Fed events tomorrow afternoon that are expected to heavily influence the financial and mortgage markets. They start with the 2:00 PM ET adjournment of the FOMC meeting that began today. It is widely expected that Janet Yellen and company will not change key short-term interest rates at this meeting, but there is plenty of interest in the markets regarding when they will take the first step towards raising rates. Also worth noting is that this FOMC meeting is one that will be followed by updated economic predictions and a press conference with Fed Chair Yellen. Traders will be looking for any revisions to the Fed’s outlook on unemployment, GDP growth, inflation and their timetable for keeping key interest rates at current levels. The meeting will adjourn and the economic forecasts will be released at 2:00 PM ET while the press conference will start at 2:30 PM. All this will most likely lead to afternoon volatility in the markets and mortgage rates tomorrow.


Harris Consulting, Inc. DBA Vantage Mortgage Group, Inc.


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