November 12th, 2021 2:09 PM by T. Fanning
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!
It was an ugly week for rates; across the board, rates ended higher. Next week brings us a handful of economic reports for the markets to digest, most of which are moderately important. One that stands out as an exception is Tuesday's release of October's Retail Sales data. This is an extremely influential report that tracks consumer spending. Monday has nothing of importance scheduled for release.
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: 11/12/21
Friday's bond market has opened in positive territory, recovering a small portion of Wednesday's heavy losses. Stocks are looking to close the week with moderate gains of 56 points in the Dow and 40 points in the Nasdaq. The bond market is currently up 5/32 (1.55%), but we still should see an increase in this morning's mortgage rates of approximately .250 - .375 of a discount point if compared to Wednesday's early pricing.
The bond market was closed yesterday for the Veteran's Day holiday. If you are getting rate shock this morning, it is due to heavy selling in bonds late Wednesday. What started off as a bad day for bonds and mortgage pricing turned quite ugly during afternoon trading. The sell-off caused many lenders to revise rates higher intraday, some more than once. There is no clear reason for the afternoon selling, but it is a safe bet that the much stronger than expected consumer inflation data from the morning had a heavy hand in the upward spiral in yields and mortgage rates.
Today's sole economic release was November's preliminary reading of the University of Michigan's Index of Consumer Sentiment. They announced a reading of 66.8 that fell short of the expected 72.3 and a decline from October's final reading. The decline in the index means surveyed consumers did not feel as strong about their own financial situations as they did last month. Since waning confidence usually translates into weaker levels of consumer spending, we can consider this report slightly favorable for mortgage rates.
Next week brings us a handful of economic reports for the markets to digest, most of which are moderately important. One that stands out as an exception is Tuesday's release of October's Retail Sales data. This is an extremely influential report that tracks consumer spending. Monday has nothing of importance scheduled for release. 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.*
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
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