The Home Loan Mortgage Blog

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TGIF, I hope you have a good weekend!

 

We now serve the state of Florida! Let me know if I can be of any help with any buyers/borrowers in either Colorado or Florida!

 

Rates were mixed this week. Next week has a handful of moderately important economic releases, starting with Industrial Production data Monday morning. The general theme of the week will be housing with several reports giving us an indication of strength in that sector. None of the releases are considered to be key or expected to have a significant influence on the markets. In addition to the data, there also is another Treasury auction and the Fed Beige Book for the markets to watch. *

 

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!


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Last Updated: 10/15/21

 

Friday's bond market has opened in negative territory following surprisingly strong economic data and early stock gains. The major stock indexes are showing sizable gains, pushing the Dow up 308 points while the Nasdaq is up 43 points. The bond market is currently down 14/32 (1.56%), but gains late yesterday should help keep this morning's mortgage rates close to Thursday's early pricing. If you saw an improvement in rates before closing yesterday, you may see an increase this morning, erasing that revision.

 

Today's big news was September's Retail Sales data at 8:30 AM ET. The Commerce Department announced a 0.7% increase in consumer spending, greatly exceeding forecasts of a 0.2% decline. A secondary reading that tracks sales but excludes more costly and volatile auto transactions jumped 0.8% when it was expected to rise only 0.4%. Both readings indicate consumers spent much more last month than many had thought. Because consumer spending makes up over two-thirds of the U.S. economy, this is a sign of economic strength that makes the data very bad news for bonds and mortgage rates.

 

The University of Michigan released their Index of Consumer Sentiment for October late this morning. It came in at 71.4, down from September's 72.8. Forecasts were calling for an increase in sentiment that would have meant surveyed consumers felt better about their own financial situations than they did last month. The decline is a sign that consumers are not as likely to spend money as they were last month, helping to limit economic growth. Therefore, we can consider the index good news for rates. Unfortunately, traders are more focused on the sales data, preventing this index from having a favorable impact on bonds and mortgage rates.

 

Next week has a handful of moderately important economic releases, starting with Industrial Production data Monday morning. The general theme of the week will be housing with several reports giving us an indication of strength in that sector. None of the releases are considered to be key or expected to have a significant influence on the markets. In addition to the data, there also is another Treasury auction and the Fed Beige Book for the markets to watch. 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.*

 

*http://www.hlmcolorado.com/DailyRateAdvisory
        

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

www.nmlsconsumeraccess.org

Posted by T. Fanning on October 15th, 2021 3:49 PM

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Hi, I hope you had a nice week.

 

We now serve the state of Florida! Let me know if I can be of any help with any buyers/borrowers in either Colorado or Florida!

 

Interests rates ended the week higher. There is at least one event scheduled for each day after Monday, with several days having multiple items that have the potential to move rates. There is a strong possibility of it being a very active week for the financial and mortgage markets.*

 

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!


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Last Updated: 10/8/21


Friday's bond market has opened in negative territory following mixed results in today's major economic release. Stocks are showing early gains of 64 points in the Dow and 12 points in the Nasdaq. The bond market is currently down 8/32 (1.60%), which with yesterday's late weakness should cause this morning's rates to be approximately .125 of a discount point.

 

This week's major economic release was September's Employment report at 8:30 AM ET. It revealed the U.S. unemployment rate fell from 5.2% to 4.8% last month while only 194,000 jobs were added to the economy. Forecasts were 5.1% for the unemployment rate and 450,000 payrolls. The unemployment rate was lower than expected (bad news) but the smaller payroll number is good news.

 

Likely causing this morning's bond weakness is the 0.6% jump in average earnings that exceeded expectations of 0.4%. The variance in this reading is fairly significant and raises wage inflation concerns that easily spreads to other parts of the economy. Since inflation is the number one nemesis of the bond market and makes securities less appealing to investors, we need to consider this portion of the report very bad news for mortgage rates.

 

Next week will be shortened for the bond market due to the Columbus Day closure Monday, although stocks will be open for trading that day. There is plenty scheduled next week that is likely to influence mortgage rates. The calendar includes two important inflation readings, a key consumer spending report, a couple of Treasury auctions and the minutes from the last FOMC meeting.

 

There is at least one event scheduled for each day after Monday, with several days having multiple items that have the potential to move rates. There is a strong possibility of it being a very active week for the financial and mortgage markets. 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.*

 

*http://www.hlmcolorado.com/DailyRateAdvisory
       

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

www.nmlsconsumeraccess.org
Posted by T. Fanning on October 8th, 2021 2:42 PM

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Happy First Day of October!

 

If you didn’t receive my Breaking News message yesterday, conforming loan limits are going to be raised to $625,000. This means buyers will be able to obtain higher loan amounts using Fannie Mae or Freddie Mac – typically better rates.

 

We now serve the state of Florida! Let me know if I can be of any help with any buyers/borrowers in either Colorado or Florida!

 

Rates ended the week mixed. Next week does not have a large number of economic releases or other noteworthy events scheduled. The week starts with a moderately important Factory Orders report Monday and closes with the almighty Employment report Friday. In between, there is little scheduled that is expected to affect mortgage rates.*

 

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!


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Last Updated: 10/1/21

 

Friday's bond market has opened in positive territory despite stronger economic news and a mixed open in stocks. The Dow is currently up 21 points while the Nasdaq is down 95 points. The bond market is currently up 3/32 (1.48%), which with yesterday's afternoon strength should improve this morning's mortgage rates by approximately .250 of a discount point if compared to Thursday's early pricing. If you saw an intraday improvement before closing yesterday, you should see a smaller improvement this morning.

 

The first of this morning's three economic releases was August's Personal Income and Outlays at 8:30 AM ET. It showed a 0.2% rise in income and a 0.8% jump in spending. The income reading pegged forecasts, but the spending was a little stronger than expectations. Also worth noting was the 0.4% rise in the PCE index that the Fed relies on to gauge inflation, exceeding predictions slightly. With two of the three headline readings giving us stronger than expected results, we should consider the data to be slightly negative for mortgage rates.

 

September's ISM manufacturing index was today's most important release. The Institute for Supply Management announced a 61.1 reading that was stronger than forecasts, indicating surveyed manufacturing executives felt business was better last month than many had thought. Since that is a sign of manufacturing strength, we should consider the data to be unfavorable for bonds and mortgage rates.

 

Closing out this week's calendar was the University of Michigan's revised Index of Consumer Sentiment for September. The announced a reading of 72.8, which was an upward revision from the preliminary reading of 71.0 from two weeks ago. The higher number means surveyed consumers felt a little better about their own financial and employment situations than a couple weeks ago. Rising confidence usually translates into stronger levels of consumer spending that fuels economic growth. Accordingly, we have to label this report as slightly negative for rates also.

 

Next week does not have a large number of economic releases or other noteworthy events scheduled. The week starts with a moderately important Factory Orders report Monday and closes with the almighty Employment report Friday. In between, there is little scheduled that is expected to affect mortgage rates. 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.*

 

*http://www.hlmcolorado.com/DailyRateAdvisory
       

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

www.nmlsconsumeraccess.org


Posted by T. Fanning on October 1st, 2021 10:46 AM

Conforming Loan Limits Increased to $625,000!

The conforming loan limits will be increased to $625,000 for 2022. You don't have to wait to take advantage of this - some of our lenders are NOW accepting loans at the higher limits!  Let me know if I can be of any assistance!

Thanks!

T. Fanning
Owner - Mortgage Consultant | Home Loan Mortgage
1101 Twin Peaks Cir, Longmont, CO 80503
Cell: 303-931-3239 | Fax: 303-684-0686
t@homeloanmortgageco.com | www.homeloanmortgageco.com

LO NMLS: 208694 | 
Company NMLS: 479289
CO License: 100008854 
FL License: LO89221 FL Company License: MBR4416
Posted by T. Fanning on September 30th, 2021 7:57 PM

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Hello,

 

We now serve the state of Florida! Let me know if I can be of any help with any buyers/borrowers in either Colorado or Florida!

 

Fixed interest rate loans were up this week; ARM’s saw a very small increase. Next week is extremely active in terms of scheduled economic releases and other events that have the potential to influence rates. There are multiple events scheduled each day except Wednesday, the only day of the week without at least one item. The week starts with the important Durable Goods Orders report Monday and concludes with the very important ISM manufacturing index Friday. In between, there are plenty of other events that we will be watching.*

 

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!


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Description automatically generated with medium confidence

  

Last Updated: 9/24/21

 

Friday's bond market has opened in negative territory again, extending yesterday's heavy sell-off that got worse as the day progressed. Stocks are mixed with the Dow up 75 and the Nasdaq down 52. The bond market is currently down 3/32 (1.44%), but following yesterday afternoon's tank in bonds, we should see an increase in this morning's mortgage rates of approximately .500 of a discount point. It is very likely that you saw an intraday increase in pricing yesterday, possibly more than one. If that is the case, you should see less of an increase this morning.

 

Unfortunately, the bond selling may not be over yet. It appears there may be more room for bond yields and mortgage rates to move higher before settling down, particularly over the next day or two. If closing in the near future, it would be prudent to consider locking a rate if still floating.

 

This morning's only economic data was August's New Home Sales report from the Commerce Department at 10:00 AM ET. They announced a 1.5% increase in sales of newly constructed homes last month. This was in line with forecasts after an upward revision to July's sales. Because this report covers such a small portion of all home sales in the country, it carries a low level of significance. Accordingly, we have not seen a reaction to the data.

 

Fed Chairman Powell has a speaking engagement this morning via webcast that traders will be attentive to. Although, it is hard to imagine that we will get a major surprise after his press conference Wednesday afternoon. Still, we could see rates react heavily to something he says at this appearance.

 

Next week is extremely active in terms of scheduled economic releases and other events that have the potential to influence rates. There are multiple events scheduled each day except Wednesday, the only day of the week without at least one item. The week starts with the important Durable Goods Orders report Monday and concludes with the very important ISM manufacturing index Friday. In between, there are plenty of other events that we will be watching. Look for details on all of next week's activities in Sunday evenings' 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.
*

 

*http://www.hlmcolorado.com/DailyRateAdvisory
      

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

www.nmlsconsumeraccess.org

Posted by T. Fanning on September 24th, 2021 2:27 PM

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