September 24th, 2021 2:27 PM by T. Fanning
We now serve the state of Florida! Let me know if I can be of any help with any buyers/borrowers in either Colorado or Florida!
Fixed interest rate loans were up this week; ARM’s saw a very small increase. Next week is extremely active in terms of scheduled economic releases and other events that have the potential to influence rates. There are multiple events scheduled each day except Wednesday, the only day of the week without at least one item. The week starts with the important Durable Goods Orders report Monday and concludes with the very important ISM manufacturing index Friday. In between, there are plenty of other events that we will be watching.*
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: 9/24/21
Friday's bond market has opened in negative territory again, extending yesterday's heavy sell-off that got worse as the day progressed. Stocks are mixed with the Dow up 75 and the Nasdaq down 52. The bond market is currently down 3/32 (1.44%), but following yesterday afternoon's tank in bonds, we should see an increase in this morning's mortgage rates of approximately .500 of a discount point. It is very likely that you saw an intraday increase in pricing yesterday, possibly more than one. If that is the case, you should see less of an increase this morning.
Unfortunately, the bond selling may not be over yet. It appears there may be more room for bond yields and mortgage rates to move higher before settling down, particularly over the next day or two. If closing in the near future, it would be prudent to consider locking a rate if still floating.
This morning's only economic data was August's New Home Sales report from the Commerce Department at 10:00 AM ET. They announced a 1.5% increase in sales of newly constructed homes last month. This was in line with forecasts after an upward revision to July's sales. Because this report covers such a small portion of all home sales in the country, it carries a low level of significance. Accordingly, we have not seen a reaction to the data.
Fed Chairman Powell has a speaking engagement this morning via webcast that traders will be attentive to. Although, it is hard to imagine that we will get a major surprise after his press conference Wednesday afternoon. Still, we could see rates react heavily to something he says at this appearance.
Next week is extremely active in terms of scheduled economic releases and other events that have the potential to influence rates. There are multiple events scheduled each day except Wednesday, the only day of the week without at least one item. The week starts with the important Durable Goods Orders report Monday and concludes with the very important ISM manufacturing index Friday. In between, there are plenty of other events that we will be watching. Look for details on all of next week's activities in Sunday evenings' 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.*
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
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