April 22nd, 2022 12:19 PM by T. Fanning
Hello, I hope you’ve had a great week.
Rates again ended the week higher. Next week has plenty scheduled in terms of relevant economic data. There also are a couple of Treasury auctions that may have a minor impact on trading during afternoon hours midweek. The calendar starts Tuesday with nothing for us to watch set for Monday. There is a possibility of weekend headlines causing a move in rates as the new week starts.*
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: 4/22/22
Friday's bond market has opened in positive territory following early stock selling. The major indexes look to close the week with losses, pushing the Dow lower by 375 points and the Nasdaq down 27 points. The bond market is currently up 7/32 (2.88%), but heavy selling late Thursday is going to cause this morning's mortgage rates to be approximately .250 - .375 of a discount point higher. If you saw an intraday increase yesterday afternoon, you should see a smaller increase or no change in this morning's rates.
There is nothing of importance scheduled for today. This morning's increase in rates is completely a result of heavy selling late yesterday. It was expected that Fed Chairman Powell's comments at the IMF conference would be the catalyst for a move in rates yesterday. However, San Francisco Fed President Mary Daly caused morning losses to get worse before he spoke when she said that there would be multiple FOMC meetings with .500 increases (instead of just one) and went as far as saying a .750 move is a possibility. Those headlines renewed inflation fears in the bond market, leading to yields moving higher. When Chairman Powell's later comments failed to ease those concerns, many lenders started issuing upward revisions to rates during afternoon trading.
Next week has plenty scheduled in terms of relevant economic data. There also are a couple of Treasury auctions that may have a minor impact on trading during afternoon hours midweek. The calendar starts Tuesday with nothing for us to watch set for Monday. There is a possibility of weekend headlines causing a move in rates as the new week starts. 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
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