February 5th, 2021 12:17 PM by T. Fanning
Other than the USDA 30-year fixed loan, rates were down a tick this week. Next week has only a couple of relevant economic reports for the markets to digest, in addition to two Treasury auctions that have the potential to influence mortgage rates. The week starts Monday with nothing of importance scheduled that we need to be concerned with. We should see stocks contribute to bond trading and mortgage rate movement a good part of next week.*
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.hlmcolorado.com/mortgageprograms
As always, please let me know if I can help you, your friends/family/potential buyers/borrowers!
Last Updated: 2/5/21
Friday's bond market has opened in negative territory following mixed and surprising results from today's major economic report. Stocks are showing relatively minor gains at the moment, pushing the Dow up 69 points and the Nasdaq up 8 points. The bond market is currently down 1/32 (1.13%), which should keep this morning's mortgage rates close to Thursday's early pricing.
This morning's sole economic release was January's Employment report at 8:30 AM ET. It revealed that the U.S. unemployment rate fell 0.4% to 6.3% while 49,000 new jobs were added to the economy. The drop in the unemployment rate was very much a surprise to analysts, while the payroll number nearly pegged expectations. Offsetting the lower unemployment rate were sizable downward revisions to December and November's payroll numbers that knocked off 159,000 payrolls from previously announced new jobs over those two months.
Other readings in the report that drew attention include average hourly earnings that came in below forecasts (up 0.2% vs 0.3%) and average hours worked per week rose to 35.0, setting a new record high. Overall, the report is a thoroughly mixed bag of results. Bonds were weaker overnight and early this morning before the report was released, then rallied into positive ground before slipping back just below unchanged. Don't be surprised to see further fluctuations in the stock and bond markets throughout the day, possibly leading to an intraday revision to mortgage pricing.
Next week has only a couple of relevant economic reports for the markets to digest, in addition to two Treasury auctions that have the potential to influence mortgage rates. The week starts Monday with nothing of importance scheduled that we need to be concerned with. We should see stocks contribute to bond trading and mortgage rate movement a good part of next week. Look for details on all of the 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.**http://www.hlmcolorado.com/DailyRateAdvisory LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
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