January 21st, 2022 3:04 PM by T. Fanning
Rates caught a break today, erasing a majority of the increase incurred earlier in the week. Overall, rates ended a tad higher versus last Friday’s numbers. Monday is the only day of the week without at least one thing scheduled. The most important items are set for midweek, meaning we should see the most movement in rates those days.*
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: 1/21/22
Friday's bond market has opened in positive territory again, keeping mortgage rates heading the right direction for now. Stocks are in selling mode with the Dow down 188 points and the Nasdaq down 227 points. The bond market is currently up 20/32 (1.74%), which should improve this morning's mortgage rates by approximately .125 - .250 of a discount point.
December's Leading Economic Indicators (LEI) was today's only semi-relevant data. The Conference Board announced a 0.8% rise in the indicators, meaning they are predicting moderate to strong growth in the economy over the next several months. Generally speaking, this is bad news for the bond market and mortgage rates. However, the rise matched forecasts, preventing an impact on this morning's pricing.
Next week starts off light in terms of scheduled events that may affect mortgage rates, but the mid and latter days bring us some highly influential economic releases and FOMC activities. Some of the important items scheduled next week include the first FOMC meeting of the year, the initial 1st Quarter Gross Domestic Product reading (benchmark of economic activity) in addition to a few more economic reports and a couple of Treasury auctions.
Monday is the only day of the week without at least one thing scheduled. The most important items are set for midweek, meaning we should see the most movement in rates those days. 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...Float 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.*
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
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