December 15th, 2023 11:27 AM by T. Fanning
Hello, I hope you’re having a good day!
The Fed announced earlier this week they were keeping rates steady – and even indicated possible rate cuts next year. The market loved this information and rates had one of the biggest two-day drops in decades. Overall, rates ended noticeably lower from last week’s numbers. Next week will be lighter than the past couple in terms of scheduled events that are likely to heavily influence mortgage rates. There are a couple of economic reports that we certainly will be watching, particularly later in the week. However, overall, the calendar has much less that we consider to be highly important. Monday has nothing set that we need to be concerned about, so expect weekend news to have the strongest impact on bond trading as the new week begins.*
We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: Chenoa Fund loans (100% FHA financing); Conventional, 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 can also do non-traditional programs! 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: 12/15/23
Friday's bond market has opened in positive territory as this week's post-FOMC momentum continues. Stocks are mixed with the Dow down 79 points and the Nasdaq up 55 points. The bond market is currently up 3/32 (3.90%), but some late weakness yesterday is going to keep this morning's mortgage rates close to Thursday's early pricing or slightly higher.
November's Industrial Production data was today's only relevant economic release. It revealed a 0.2% rise in output at U.S. factories, mines and utilities. This matched forecasts, hinting at modest growth in the manufacturing sector. Therefore, we can consider the report neutral for bonds and mortgage rates.
Next week will be lighter than the past couple in terms of scheduled events that are likely to heavily influence mortgage rates. There are a couple of economic reports that we certainly will be watching, particularly later in the week. However, overall, the calendar has much less that we consider to be highly important. Monday has nothing set that we need to be concerned about, so expect weekend news to have the strongest impact on bond trading as the new week begins. 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.*
*https://www.homeloanmortgageco.com/DailyRateLockAdvisory
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
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