June 9th, 2023 11:31 AM by T. Fanning
Hi, I hope you’ve had a great week!
Rates worsened this week ever so slightly. Next week has plenty for the markets to digest, including several highly important economic releases and an FOMC meeting. The schedule starts Monday afternoon with the results of the 10-year Treasury Note auction and then progresses quickly in terms of importance and influence. The calendar includes two inflation indexes (CPI & PPI), a key measure of consumer spending and the much-anticipated FOMC meeting that includes revised economic projections. The bulk of the week's activities are set for the middle days, meaning the most movement in rates should be midweek.*
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: 6/9/23
Friday's bond market has opened in negative territory, erasing gains from mid-day yesterday. Stocks are showing strength, pushing the Dow up 94 points and the Nasdaq up 134 points. The bond market is currently down 13/32 (3.77%), which will 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 improvement yesterday, you should see a larger upward move in this morning's pricing.
There is no relevant economic data or other relevant events set for release today. We don't see a clear indication of why bonds are in selling mode this morning. It may be just a lack of relevant data now forces traders to prepare for next week.
Next week has plenty for the markets to digest, including several highly important economic releases and an FOMC meeting. The schedule starts Monday afternoon with the results of the 10-year Treasury Note auction and then progresses quickly in terms of importance and influence. The calendar includes two inflation indexes (CPI & PPI), a key measure of consumer spending and the much-anticipated FOMC meeting that includes revised economic projections. The bulk of the week's activities are set for the middle days, meaning the most movement in rates should be midweek. Look for details on all of next week's calendar 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
Regulated by the Colorado Division of Real Estate
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