February 23rd, 2024 3:25 PM by T. Fanning
Happy Friday,
Rates improved slightly this week. Next week has at least one relevant economic report scheduled for release each day, including Monday (January's New Home Sales in addition to a Treasury auction). The reports gain importance as the week progresses, meaning we should see the strongest moves in rates the middle or latter days. The batch of reports include the Fed's preferred inflation reading and the ISM manufacturing index, along with others. Since the first Friday of the month falls on the 1st, the monthly Employment report rolls to the following Friday.*
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
Last Updated: 2/23/24
Friday's bond market has opened in positive territory even though there is very little news to drive trading. Stocks are showing early gains with the Dow up 157 points and the Nasdaq up 36 points. The bond market is currently up 8/32 (4.29%), which should improve this morning's mortgage rates by approximately .125 - .250 of a discount point.
There is nothing scheduled today that is expected to influence bond trading or mortgage pricing. We should see a fairly calm day for rates, assuming something unexpected doesn't happen. Today's early stock strength doesn't seem to be having an impact on bonds, so we shouldn't need to be concerned if stocks extend their morning gains.
Next week has at least one relevant economic report scheduled for release each day, including Monday (January's New Home Sales in addition to a Treasury auction). The reports gain importance as the week progresses, meaning we should see the strongest moves in rates the middle or latter days. The batch of reports include the Fed's preferred inflation reading and the ISM manufacturing index, along with others. Since the first Friday of the month falls on the 1st, the monthly Employment report rolls to the following Friday. 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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