By Andy Harris, President of Vantage Mortgage Brokers Buying a home is one of the…
VMG Weekly Rate Tracker – 09/23/2014
NMLS# 35986 
VMG Weekly Rate Tracker- Your Local Price Leaders (sharing is caring)
DATE: Tuesday, September 23rd, 2014
TIME: 2:45 PM PST
STATES: OREGON & WASHINGTON
CHANGE THIS WEEK: SLIGHT IMPROVEMENT (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’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.
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 (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 Sep. 23rd
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Tuesday’s bond market has opened in positive territory with stocks showing early losses again and no economic data to drive trading. The major stock indexes are showing minor losses with the Dow down 31 points and the Nasdaq down 4 points. The bond market is currently up 5/32 (2.55%), which should improve this morning’s mortgage rates slightly if comparing to yesterday’s morning pricing.
There is nothing of relevance scheduled for today that is expected have an impact on mortgage rates. If we see an intra-day revision to rates, it will likely be a result of a noticeable move in stocks. If the major stock indexes move into positive ground, we could see bond prices fall and mortgage rates move higher later today. On the other hand, if they extend their current losses, we could see an improvement to mortgage rates follow.
August’s New Home Sales will be released late tomorrow morning. The Commerce Department is expected to say that sales of newly constructed homes rose last month, indicating strength in the new home portion of the housing sector also. This report will likely not have a noticeable impact on mortgage rates unless its readings differ greatly from forecasts. It is the week’s least important report in terms of potential impact on mortgage rates, partly because it covers only the small portion of all homes sales that yesterday’s Existing Home Sales report did not.
Also tomorrow is the first of this week’s two Treasury auctions that have the potential to affect rates. The Treasury will sell 5-year Notes tomorrow and 7-year Notes Thursday. They will tell us if there is an appetite in the markets for medium-term securities. If investor demand in these sales is strong, particularly from international buyers, the broader bond market should move higher, pushing mortgage rates lower. But a lackluster interest from investors could lead to bond selling and higher mortgage pricing. The results of the sales will be announced at 1:00 PM ET each day, so any reaction will come during early afternoon trading tomorrow.
Harris Consulting, Inc. DBA Vantage Mortgage Group, Inc.
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