Upcoming Economic Indicators May 27-30

Consumer Confidence May | 57.2 | E 61.0 | P 62.2 | Modest

New Home Sales April | 526,000 | E 520,000 | P 509,000 | Modest

Crude Inventories 5.25 | [5.28] | P -5,317,000 | Modest

Durable Goods Orders April | [5.28] | E -1.5% | P -0.3% | Modest

GDP Q1 | [5.29] | E 1.0% | P 0.6% | Modest

GDP Chain Deflator Q1 | [5.29] | E 2.6% | P 2.4% | Elevated

Personal Spending April | [5.30] | E 0.2% | P 0.4% | Modest

Personal Consumption [PCE] April | [5.30] | P 2.1% | Elevated 

Core PCE April | [5.30] | E 0.1% | P 0.2% | Elevated

Personal Income April | [5.30] | E 0.2% | P 0.3% | Modest

Chicago PMI May | [5.30] | E 49.5 | P 48.3 | Elevated

Consumer Sentiment May | [5.30] | E 60.0 | P 59.5 | Modest

St. Louis Mortgage Rates | May 27, 2008

 

St Louis Best Mortgage Rates [No Points]

30 Fixed/apr | 6.125% /6.225%

30 FHA/apr | 6.250% /6.750%

15 Fixed/apr | 5.625% /5.725%

7yr Arm/apr | 5.750% /5.850%

5yr Arm/apr | 5.625% /5.725%

3yr Arm/apr | 5.625% /5.725%

30 Jumbo/apr | n/a

15 Jumbo /apr | 7.125% /7.175%

7/1 Jumbo /apr | n/a

5/1 Jumbo /apr | 7.000% /7.050%

3/1 Jumbo /apr | 6.875% /6.925%

St Louis Best Mortgage Rates [1% Point]

30 Fixed/apr | 5.875% /6.075%

30 FHA/apr | 6.000% /6.700%

15 Fixed/apr | 5.375% /5.575%

7yr Arm/apr | 5.250% /5.450%

5yr Arm/apr | 5.125% /5.325%

3yr Arm/apr | 4.875% /5.075%

30 Jumbo/apr | 7.250% /7.350%

15 Jumbo /apr | 6.375% /6.475%

7/1 Jumbo /apr | 6.500% /6.700%

5/1 Jumbo /apr | 6.125% /6.225%

3/1 Jumbo /apr | 6.000% /6.200%

St Louis Best Mortgage Rates

 St Louis Best Mortgage Rates [No Points]

• 30 Fixed/apr | 6.000% /6.100%

• 30 FHA/apr | 6.250% /6.750%

• 15 Fixed/apr | 5.500% /5.600%

• 7yr Arm/apr | 5.750% /5.850%

• 5yr Arm/apr | 5.500% /5.600%

• 3yr Arm/apr | 5.500% /5.600%

• 30 Jumbo/apr | n/a

• 15 Jumbo /apr | 6.875% /6.925%

• 7/1 Jumbo /apr | 7.000% /7.050%

• 5/1 Jumbo /apr | 6.875% /6.925%

• 3/1 Jumbo /apr | 6.500% /6.550%

St Louis Best Mortgage Rates [1% Point]

• 30 Fixed/apr | 5.750% /5.950%

• 30 FHA/apr | 6.000% /6.700%

• 15 Fixed/apr | 5.375% /5.575%

• 7yr Arm/apr | 5.250% /5.450%

• 5yr Arm/apr | 5.125% /5.325%

• 3yr Arm/apr | 4.875% /5.075%

• 30 Jumbo/apr | 7.250% /7.350%

• 15 Jumbo /apr | 6.375% /6.475%

• 7/1 Jumbo /apr | 6.375% /6.475%

• 5/1 Jumbo /apr | 6.125% /6.225%

• 3/1 Jumbo /apr | 5.875% /5.975%

Existing Home Sales match Expectations

Existing Home Sales April | Reported 4,890,000 | Est 4,850,000 | Prior 4,930,000 | MODEST

Oil and Inflation are taking their toll | Mortgage Bonds -50bp

Inital Jobless Claims 5/17 | Reported 365,000 | Est 370,000 | Prior 371,000 | MODEST

Initial Jobless claims report slightly better than expected this morning.  The economy is in a rough spot with the Feds hands being tied because of their inflation fears.  Oil hit $135 a barrel and Gold is up.  Mortgage rates will have at least a .125% increase across the board this morning until the Bond bounces off the current level of support.

Feds Cut Rate is not going lower and Mortgage Bonds love it!

FOMC Minutes for April 30, 2008

The Fed met today at 2:00pm ET to release the Fed Minutes Report regarding the April 30th meeting that resulted in a -.25% cut bringing the Feds Cut Rate to 2.00%.  They are still very concerned about inflation and unemployment.  The Fed believes the economy is still weak and will continue to be in the near future.  The Federal Reserve has decided not to continue cutting interest rates even with a sluggish economy.  The negative economic news is helping mortgage bonds as investors realize they will not continue to get bailed out by the Fed boosting the economy with further cuts.  This is one more reminder that Fed Rate Cuts do not equal lower Long Term Mortgage Rates.  In fact the absence of more Fed Cuts is benefiting Mortgage Backed Securities as investors buy up low risk mortgage bonds.

Grau Perspective on Mortgage Rates for Wednesday May 21

Crude Inventories 5/17 | Reported -5,317,000 | Prior 176,000 | MODEST

FOMC Minutes 4/30 | Reported [Wed] | ELEVATED

Mortgage Backed Securities are currently -22bp on the day trading at $100.62.  We have seen solid gains the previous 5 trading days.  Bond prices have varied from 99.4375 - 100.90625 yesterday.  Today @ 2:00pm ET the Fed will release Minutes regarding last months Fed Meeting.  With Oil hitting $132.00 a barrel today, inflation concerns and Food and Energy’s impact on the economy has to been on the Feds agenda.  Now would be a good time to lock in some of those gains we have made the last few days since we could see INCREASING mortgage rates.

St. Louis Best Mortgage Rates

 St Louis Best Mortgage Rates [No Points]

• 30 Fixed/apr | 5.875% /5.975%

• 30 FHA/apr | 6.250% /6.750%

• 15 Fixed/apr | 5.500% /5.600%

• 7yr Arm/apr | 5.625% /5.725%

• 5yr Arm/apr | 5.500% /5.000%

• 3yr Arm/apr | 5.500% /4.750%

• 30 Jumbo/apr | n/a

• 15 Jumbo /apr | 6.750% /6.950%

• 7/1 Jumbo /apr | 6.750% /6.850%

• 5/1 Jumbo /apr | 6.750% /6.850%

• 3/1 Jumbo /apr | 6.375% /6.575%

St Louis Best Mortgage Rates [1% Point]

• 30 Fixed/apr | 5.625% /5.825%

• 30 FHA/apr | 6.000% /6.200%

• 15 Fixed/apr | 5.250% /5.450%

• 7yr Arm/apr | 5.125% /5.325%

• 5yr Arm/apr | 5.000% /5.200%

• 3yr Arm/apr | 4.750% /4.950%

• 30 Jumbo/apr | 7.125% /7.225%

• 15 Jumbo /apr | 6.250% /6.350%

• 7/1 Jumbo /apr | 6.250% /6.350%

• 5/1 Jumbo /apr | 6.000% /6.100%

• 3/1 Jumbo /apr | 5.875% /6.975%

Core Producer Price Index leads to Volatile Bonds

Producer Price Index [PPI] April | Reported 0.2% | Est 0.4% | Prior 1.1% | MODEST

Core PPI April | Reported 0.4% | Est 0.2% | Prior 0.2% | MODEST

St Louis Best Mortgage Rates

St Louis Best Mortgage Rates [No Points]

• 30 Fixed/apr | 5.875% /5.975%

• 30 FHA/apr | 6.250% /6.750%

• 15 Fixed/apr | 5.500% /5.600%

• 7yr Arm/apr | 5.625% /5.725%

• 5yr Arm/apr | 5.500% /5.000%

• 3yr Arm/apr | 5.500% /4.750%

• 30 Jumbo/apr | n/a

• 15 Jumbo /apr | 6.875% /6.950%

• 7/1 Jumbo /apr | 6.750% /6.850%

• 5/1 Jumbo /apr | 6.750% /6.850%

• 3/1 Jumbo /apr | 6.500% /6.575%

St Louis Best Mortgage Rates [1% Point]

• 30 Fixed/apr | 5.625% /5.825%

• 30 FHA/apr | 6.000% /6.200%

• 15 Fixed/apr | 5.250% /5.450%

• 7yr Arm/apr | 5.125% /5.325%

• 5yr Arm/apr | 5.000% /5.200%

• 3yr Arm/apr | 4.750% /4.950%

• 30 Jumbo/apr | 7.125% /7.225%

• 15 Jumbo /apr | 6.250% /6.350%

• 7/1 Jumbo /apr | 6.250% /6.350%

• 5/1 Jumbo /apr | 6.000% /6.100%

• 3/1 Jumbo /apr | 5.875% /6.975%

« Previous Page — Next Page »