November 5th, 2021 11:43 AM by T. Fanning
TGIF, have a good weekend.
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!
Even though the Feds announced a tapering of bond purchasing, rates had a great week, ending lower. Next week brings us just a few economic reports for the markets to digest, but two of them are important inflation readings that can heavily influence bond trading. We also have a holiday next week that will affect the bond market, while stocks will be open for trading all week. The week starts light with nothing of importance scheduled for Monday.*
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: 11/5/21
Friday's bond market has opened in positive territory despite clearly unfavorable economic news. Stocks are reacting to the same data as we would expect, with the Dow up 343 points and the Nasdaq up 95 points. The bond market is currently up 12/32 (1.48%), which should improve this morning's mortgage rates by approximately .250 - .375 of a discount point.
This morning's key economic release was October's Employment report at 8:30 AM ET. It revealed the unemployment rate fell from September's 4.8% to 4.6% last month. The economy added a much stronger-than-expected 531,000 new jobs and upward revisions to both September and October payroll numbers showed that there were 235,000 more jobs than previously reported.
A reading in the report that bonds are particularly sensitive to is average hourly earnings that rose 0.4%. While that is enough of an increase to extend wage inflation concerns, it matched forecasts. The lack of a higher reading may be helping to shrug off the news.
Next week brings us just a few economic reports for the markets to digest, but two of them are important inflation readings that can heavily influence bond trading. We also have a holiday next week that will affect the bond market, while stocks will be open for trading all week. The week starts light with nothing of importance scheduled for Monday. 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.*
*http://www.hlmcolorado.com/DailyRateAdvisory
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
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