September 9th, 2022 9:48 AM by T. Fanning
Hello, TGIF,
Rates again ended the week higher. Next week has a pretty busy calendar that includes several highly important economic reports and a couple of Treasury auctions that are all expected to influence mortgage rates. The economic data that we will be focusing on are two key inflation readings and a detailed consumer spending report. The week starts off with no data but the 10-year Treasury Note auction is taking place that may have an impact on afternoon trading.*
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: 9/9/22
Friday's bond market has opened in positive territory despite early stock gains and no relevant economic news. Stocks are looking to close out the week with strong gains, pushing the Dow up 305 points and the Nasdaq up 196 points. The bond market is currently up 15/32 (3.26%), but weakness late yesterday is going to limit this morning's improvement in rates to approximately .125 of a discount point. IF you saw an intraday increase before closing Thursday, you should see a larger improvement in this morning's pricing.
There is nothing scheduled this morning in terms of relevant economic data to drive trading. There are couple of Fed speaking engagements taking place that may come into play. St. Louis Fed President Bullard made headlines this morning when he said he supports another .750 bump in key short-term interest rates when the Fed meets September 20-21. This would be the third consecutive move of that size, signaling the Fed is being aggressive in their campaign to get inflation under control. While strong inflation is bad news for bonds and mortgage rates at the moment, the Fed's action to bring it down will help keep mortgage rates lower in the future.
Next week has a pretty busy calendar that includes several highly important economic reports and a couple of Treasury auctions that are all expected to influence mortgage rates. The economic data that we will be focusing on are two key inflation readings and a detailed consumer spending report. The week starts off with no data but the 10-year Treasury Note auction is taking place that may have an impact on afternoon trading. 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... Lock 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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