The Home Loan Mortgage Blog

Weekly Update - 5/21/21

May 21st, 2021 10:12 AM by T. Fanning


Happy Friday, 

 

Rates were mixed this week; conventional loan rates saw an improvement; government loan rates saw a slight increase. Next week has more scheduled for the markets to digest than this week did. There are a large number of economic releases set to be posted that range in importance. We also have a couple of Treasury auctions taking place that may influence rates slightly during afternoon hours. Monday is the only day of the week that doesn't have something scheduled that is expected to affect rates. The bond market is also set to close early Friday ahead of the Memorial Day holiday.*

 

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: 5/21/21

 

Friday's bond market has opened flat, looking to close out the week uneventfully. Stocks are showing early gains of 282 points in the Dow and 46 points in the Nasdaq. The bond market is currently down 1/32 (1.63%), but a little strength late yesterday may allow this morning's mortgage rates to be slightly lower than Thursday's morning pricing.

 

April's Existing Home Sales report was this morning's only relevant economic release. The National Association of Realtors announced a 2.7% decline in home resales, the third consecutive month of declining sales. Analysts were expecting to see an increase in sales, meaning we can consider the data favorable for mortgage rates because it is a sign of slowing economic growth.

 

Next week has more scheduled for the markets to digest than this week did. There are a large number of economic releases set to be posted that range in importance. We also have a couple of Treasury auctions taking place that may influence rates slightly during afternoon hours. Monday is the only day of the week that doesn't have something scheduled that is expected to affect rates. The bond market is also set to close early Friday ahead of the Memorial Day holiday. Look for details on all of the 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.*


*
http://www.hlmcolorado.com/DailyRateAdvisory

LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
               

Regulated by the Colorado Division of Real Estate

www.nmlsconsumeraccess.org

Posted by T. Fanning on May 21st, 2021 10:12 AM

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