January 20th, 2023 1:49 PM by T. Fanning
Hello, I hope you’re having a great Friday.
Rates stayed fairly flat this week, ending the week mixed. Next week has a good number of relevant economic reports for the markets to digest along with a couple of Treasury auctions and a slew of corporate earnings postings. The first part of the week is light in terms of relevant events scheduled with just one moderately important report, but things get quite busy quickly the middle and latter days. Included in the list of economic releases is the initial GDP reading for the last three months of 2022 and an income and outlays report that will give us the Fed's preferred inflation reading.*
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 can also do non-traditional programs! 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: 1/20/23
Friday's bond market has opened in negative territory as investors look to capture gains from the recent rally. Stocks are mixed with the Dow down 21 points and the Nasdaq up 114 points. The bond market is currently down 15/32 (3.45%), which should cause an increase in this morning's mortgage rates of approximately .250 of a discount point.
Closing this week's calendar was the release December's Existing Home Sales at 10:00 AM ET. As expected, the National Association of Realtors reported home resales fell for the eleventh straight month last month. They announced a 1.5% decline in December's sales that brought the year over year drop to 34%. Analysts were expecting to see a little larger decline, indicating the housing sector softened, but was slightly stronger than expected. This allows us to label the data slightly positive for mortgage rates.
Next week has a good number of relevant economic reports for the markets to digest along with a couple of Treasury auctions and a slew of corporate earnings postings. The first part of the week is light in terms of relevant events scheduled with just one moderately important report, but things get quite busy quickly the middle and latter days. Included in the list of economic releases is the initial GDP reading for the last three months of 2022 and an income and outlays report that will give us the Fed's preferred inflation reading. 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... Float 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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