September 16th, 2022 10:40 AM by T. Fanning
Happy Friday, I hope you’ve had a good week.
Inflation numbers came in higher than expected causing rates to jump higher. Next week has just a few economic reports scheduled with the majority being affiliated with the housing sector. The big news will be the FOMC meeting adjournment Wednesday that will include revised economic predictions. We also have a Treasury auction that may come into play one day. The week starts off light with nothing of importance scheduled Monday, meaning weekend news should drive trading as the new week begins.*
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 Non-QM (stated income, verified assets for self-employed borrowers)! To see a detailed list of programs, visit our website: www.homeloanmortgageco.com/mortgageprograms
Last Updated: 9/16/22
Friday's bond market has opened up slightly following mixed headlines. Stocks are reacting negatively to an earnings warning from Fedex, causing the Dow to lose 303 points and the Nasdaq down 191 points. The bond market is currently up 3/32 (3.44%),but selling late yesterday is going to keep this morning's mortgage rates approximately .250 of a discount point higher than Thursday's early pricing. If you saw an intraday increase Thursday, you likely will see a smaller move this morning.
The bad news came from the University of Michigan, who posted their initial Index of Consumer Sentiment for September late this morning with an announced reading of 59.5. This was a bit softer than the 60.0 that was expected, but still an increase from August's final 58.2. An increase means surveyed consumers felt better about their own finances than the previous month. Since rising confidence usually translates into stronger levels of consumer spending, an increase is taken as bad news for bonds and mortgage rates.
Next week has just a few economic reports scheduled with the majority being affiliated with the housing sector. The big news will be the FOMC meeting adjournment Wednesday that will include revised economic predictions. We also have a Treasury auction that may come into play one day. The week starts off light with nothing of importance scheduled Monday, meaning weekend news should drive trading as the new week begins. Look for details on all of the scheduled events 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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