April 19th, 2024 1:31 PM by T. Fanning
Hello, happy Friday!
Tuesday saw the highest mortgage rates since November 2023 after last week's higher-than-expected inflation data. Financial markets reacted to strong economic data and comments from Federal Reserve officials suggesting no rate cuts in 2024 and even a small chance of rate hikes, although Fed members don't see hikes as likely unless economic data accelerates significantly.
Next week has plenty of relevant economic reports scheduled that are expected to influence mortgage rates, along with a couple of Treasury auctions. The week begins light with nothing expected to be released Monday. The most important events come during the latter days, including the initial Gross Domestic Product (GDP) reading for the first quarter and the Fed's preferred inflation reading for March.*
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: 4/19/24
Friday's bond market has opened in positive territory, but not enough to erase yesterday's late selling. The major stock indexes are mixed again with the Dow up 199 points and the Nasdaq down 63 points. The bond market is currently up 3/32 (4.61%). However, that weakness during afternoon trading yesterday is going to cause this morning's mortgage rates to be approximately .125 of a discount point higher than Thursday's early pricing. If you saw an intraday increase yesterday, you may see no change this morning.
We don't have any relevant economic data scheduled for release today. News that Israel made an attack on Iran last night could have fueled a nice bond rally this morning. It looks as if the markets are waiting to see if the conflict will escalate further or if last night's strike was more of a token move by Israel to save face in the global community. It will be interesting to see what transpires over the weekend.
Next week has plenty of relevant economic reports scheduled that are expected to influence mortgage rates, along with a couple of Treasury auctions. The week begins light with nothing expected to be released Monday. The most important events come during the latter days, including the initial Gross Domestic Product (GDP) reading for the first quarter and the Fed's preferred inflation reading for March. 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
Regulated by the Colorado Division of Real Estate
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