July 24th, 2022 3:23 PM by T. Fanning
Hello, I hope your weekend was enjoyable!
Rates had a nice decrease this week. Other than the Jumbo 30-year fixed, rates ended lower. Next week is packed with economic data and other events that will likely affect rates. Monday is the only day without something relevant scheduled. The rest of the week's calendar includes several very important economic reports, such as Durable Goods Orders, the initial 2nd Quarter GDP reading and a benchmark inflation index that the Fed relies on. There also are a couple of less important data and Treasury auctions that may come into play. The focus point of the week is Wednesday when the Federal Reserve meets for their FOMC meeting, where we should be getting another sizable increase to key short-term interest rates in an effort to get inflation under control. Each day has multiple items scheduled for the markets to digest except Monday.*
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 Non-QM (stated income, verified assets for self-employed borrowers)! To see a detailed list of programs, visit our website: www.homeloanmortgageco.com/mortgageprograms
Last Updated: 7/22/22
Friday's bond market has opened sharply higher following much weaker than expected economic data from overseas that renewed concerns about a global recession. Stocks are having a much more reserved reaction to the news with the Dow up 42 points and the Nasdaq down 79 points. The bond market is up 33/32 (2.76%), which with a nice rally yesterday afternoon should improve this morning's mortgage rates by approximately .750 of a discount point if compared to Thursday's early pricing.
There is nothing scheduled for release today here in the U.S. that is expected to influence mortgage rates. Overnight gains that came from that favorable economic data are extending into our morning session. It is worth noting though that we do have an FOMC meeting next week that is likely to bring inflation talk back to the forefront. In other words, enjoy this morning's unexpected rally in bonds and mortgage rates, but proceed cautiously if still floating an interest rate as we could see this morning's gains quickly erased next week.
Next week is packed with economic data and other events that will likely affect rates. Monday is the only day without something relevant scheduled. The rest of the week's calendar includes several very important economic reports, such as Durable Goods Orders, the initial 2nd Quarter GDP reading and a benchmark inflation index that the Fed relies on. There also are a couple of less important data and Treasury auctions that may come into play. The focus point of the week is Wednesday when the Federal Reserve meets for their FOMC meeting, where we should be getting another sizable increase to key short-term interest rates in an effort to get inflation under control. Each day has multiple items scheduled for the markets to digest except Monday.
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
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
Regulated by the Colorado Division of Real Estate
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