The Home Loan Mortgage Blog

Weekly Update - 10/23/20

October 23rd, 2020 11:53 AM by T. Fanning



Hi,

Other than the Conventional 15-year fixed, interest rates increased slightly from last Friday. 
Next week has plenty of economic reports scheduled for release, one of which is a major report. There are also a couple of Treasury auctions that may influence afternoon trading two days. Each day has at least one item set that has the potential to affect mortgage pricing to some degree, including Monday when September's New Home Sales report is posted.*

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% Down Conventional Program; 1.50% Down FHA Advantage Program; CHFA Financing; Down Payment Protection program; 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.hlmcolorado.com/mortgageprograms

As always, please let me know if I can help you/friends/family/potential buyers/borrowers!                

Last Updated: 10/23/20

Friday's bond market has opened in positive territory, recovering some of yesterday's afternoon selling. Stocks are mixed but fairly calm with the Dow up 26 points and the Nasdaq down 43 points. The bond market is currently up 4/32 (0.85%), which should keep this morning's mortgage rates near Thursday's early levels.

There is nothing of relevance to mortgage rates taking place today. That doesn't mean we won't see an intraday move in the markets or mortgage rates though. They seem to be extremely sensitive to news about a potential stimulus agreement in Washington D.C. Headlines of progress towards an agreement should be taken as bad news for bonds and mortgage rates because a new package would help make the economy stronger. On the other hand, if talks fall apart again, we should see bonds react favorably and mortgage rates move lower.

Next week has plenty of economic reports scheduled for release, one of which is a major report. There are also a couple of Treasury auctions that may influence afternoon trading two days. Each day has at least one item set that has the potential to affect mortgage pricing to some degree, including Monday when September's New Home Sales report is posted.

Look for details about next week's calendar and weekend news that are relevant to mortgage rates 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.*

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




LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
Regulated by the Colorado Division of Real Estate
www.nmlsconsumeraccess.org
Posted in:General
Posted by T. Fanning on October 23rd, 2020 11:53 AM

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