August 18th, 2023 10:12 AM by T. Fanning
Hello, I hope you’re having a good week!
Rates continued their upward trend, ending the week higher. Next week doesn't have a large number of events listed that are expected to influence rates and there are no major economic releases scheduled either. Scheduled are a couple of housing related reports, a manufacturing update that carries a little more importance than the other releases and a consumer sentiment index. There also is a Treasury auction midweek and the start of the annual central banker conference in Jackson Hole, WY that includes a speech by Fed Chairman Powell late Friday morning. Unless something unexpected happens over the weekend, we can expect a slow start to the week with movement in rates picking up as it progresses.*
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: 8/18/23
Friday's bond market has opened in positive territory despite little news to drive trading. Stocks are helping the cause with the Dow down 70 points and the Nasdaq down 134 points. The bond market is currently up 11/32 (4.24%), which should improve this morning's mortgage rates by approximately .125 of a discount point.
There is nothing of importance scheduled for today. However, it appears that we won't be ending the week quietly. We saw afternoon revisions to mortgage rates each day this week, meaning don't be surprised to see more today. This morning's positive open in bonds and mortgage pricing isn't a complete surprise after such an ugly week. It is common to see traders alter positions or holdings before the weekend after a volatile week. Fortunately, today's early move is positive for rates. Let's hope this afternoon brings an extension of these gains and not a reversal.
Next week doesn't have a large number of events listed that are expected to influence rates and there are no major economic releases scheduled either. Scheduled are a couple of housing related reports, a manufacturing update that carries a little more importance than the other releases and a consumer sentiment index. There also is a Treasury auction midweek and the start of the annual central banker conference in Jackson Hole, WY that includes a speech by Fed Chairman Powell late Friday morning. Unless something unexpected happens over the weekend, we can expect a slow start to the week with movement in rates picking up as it progresses. 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
Regulated by the Colorado Division of Real Estate
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