March 25th, 2022 9:50 AM by T. Fanning
Hi,
Rates had a healthy increase from last Friday’s numbers, continuing their upward trend. Next week is full of economic releases, Treasury auctions and other events that have the potential to affect mortgage pricing. The week starts light with just a mid-term Treasury Note sale Monday and gets busier as the week progresses, ending with the two highly important new month reports (ISM manufacturing index and monthly Employment report) Friday. In between, there are also several items that need to be watched if still floating an interest rate.*
We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: Chenoa Fund loans; FHA and VA 1x Close Construction-Perm; 1.50% Down FHA Advantage Program; CHFA Financing; HomeStyle renovation program; and a Jumbo, 5% down program. We also can do hobby farms, Ag properties and Alt-A (stated income, verified assets for self-employed borrowers)! To see a detailed list of programs, visit our website: www.homeloanmortgageco.com/mortgageprograms
As always, please let me know if I can help you, your friends/family/potential buyers/borrowers!
Last Updated: 3/25/22
Friday's bond market has opened down sharply again with no clear reasoning for the move other than a continuation of the negative tone traders have taken. Even stocks don't seem to be influenced by any headlines with the major indexes mixed. The Dow is currently up 87 points while the Nasdaq has lost 46 points. The bond market is down 22/32 (2.44%), which should cause another increase in mortgage rates of approximately .375 of a discount point if compared to Thursday's early pricing.
Today's only relevant economic data was the University of Michigan's revised March Consumer Sentiment Index at 10:00 AM ET. It came in at 59.4, down slightly from the preliminary reading of 59.7 and slightly lower than expectations. The decline means surveyed consumers were not as comfortable with their own financial situations than they were a couple weeks ago. Waning confidence usually translates into softer levels of consumer spending, allowing us to consider this data favorable for rates. However, it is of no competition to the strong negative momentum in bonds.
Next week is full of economic releases, Treasury auctions and other events that have the potential to affect mortgage pricing. The week starts light with just a mid-term Treasury Note sale Monday and gets busier as the week progresses, ending with the two highly important new month reports (ISM manufacturing index and monthly Employment report) Friday. In between, there are also several items that need to be watched if still floating an interest rate. Look for details on all of next week's activities in Sunday evening's weekly preview.
If I were considering financing/refinancing a home, I would....
Lock if my closing were taking place within 7 days...Lock if my closing were taking place between 8 and 20 days...Float if my closing were taking place between 21 and 60 days...Float if my closing were taking place over 60 days from now...
This is only my opinion of what I would do if I was financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.*
*https://www.homeloanmortgageco.com/DailyRateLockAdvisory
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