February 17th, 2023 3:45 PM by T. Fanning
Hello,
Reports released this week indicated inflation is not slowing like the market would like, meaning a greater chance the Feds will continue to raise their rate. With this disappointing news, rates ended the week higher. Next week is shortened due to the U.S. financial markets being closed Monday for the President's Day holiday. The rest of the week brings us a good number of things to watch, including a couple of housing reports and Treasury auctions. The more important and influential items come later in the week. Drawing more attention will be the FOMC meeting minutes along with reports such as the updated GDP reading for the 4th quarter and another release that has the Fed's preferred inflation index in it.*
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: 2/17/23
Friday's bond market has opened in negative territory to extend yesterday's afternoon weakness. Stocks are showing early losses again with the Dow down 78 points and the Nasdaq down 123 points. The bond market is currently down 2/32 (3.87%), which should cause this morning's mortgage rates to be slightly higher than Thursday's early pricing. We saw a late morning rally yesterday that evaporated during afternoon trading. The size of this morning's increase depends whether or not you saw an intraday revision and how much of a move. The net difference between Thursday and Friday morning rates should be a slight increase.
Closing out this week's calendar was the release of January's Leading Economic Indicators late this morning. The Conference Board announced a 0.3% decline in the indicators, meaning they are predicting slower economic activity over the next several months. The decline is favorable news for bonds and rates, but this is a moderately relevant report that showed no surprise.
Next week is shortened due to the U.S. financial markets being closed Monday for the President's Day holiday. The rest of the week brings us a good number of things to watch, including a couple of housing reports and Treasury auctions. The more important and influential items come later in the week. Drawing more attention will be the FOMC meeting minutes along with reports such as the updated GDP reading for the 4th quarter and another release that has the Fed's preferred inflation index in it. 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... Lock 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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