November 24th, 2023 3:59 PM by T. Fanning
Hello, I hope you had a great Thanksgiving!
Rates were fairly flat, ending the week mixed. Next week has a pretty full schedule of activities that have the potential to influence mortgage rates. It will start Monday with the release of October's New Home Sales report that is considered to be of low importance and ends Friday with the highly important ISM manufacturing index. There is at least one item set for each day, meaning we should see multiple days of movement in rates.*
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: 11/24/23
Friday's bond market has opened in negative territory, extending overnight weakness in the international markets. Stocks are mixed with the Dow up 103 points and the Nasdaq down 15 points. The bond market is currently down 17/32 (4.47%), which will likely push this morning's mortgage rates higher by approximately .250 of a discount point compared to Wednesday's early pricing. The markets were closed yesterday for the Thanksgiving Day holiday.
There is no relevant economic data set for release today. We can expect thin or light trading volume today because many traders are home for the extended weekend. Thin trading causes bonds to have a stronger than normal reaction to any news, albeit temporarily. When regular volume returns after the holiday, any such move is often corrected.
The financial markets will be closing early today as part of the holiday weekend. Stocks will trade until 1:00 PM ET while the bond market will close at 2:00 PM ET. They will reopen Monday morning for regular trading hours.
Next week has a pretty full schedule of activities that have the potential to influence mortgage rates. It will start Monday with the release of October's New Home Sales report that is considered to be of low importance and ends Friday with the highly important ISM manufacturing index. There is at least one item set for each day, meaning we should see multiple days of movement in rates. 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
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