July 21st, 2023 4:21 PM by T. Fanning
Hello, I hope you’ve had a good week!
Rates ended the week mixed with modest changes. Next week will be quite interesting. It starts off light with nothing of relevance scheduled for Monday, but the rest of the week has some highly important events scheduled that are expected to heavily influence mortgage rates. They include the initial Gross Domestic Product (GDP) reading that will tell us how strong or weak the U.S. economy was during the 2nd quarter of this year and a few others that draw plenty of attention. In addition to the data, there is an FOMC meeting taking place that is expected to bring another bump to key short-term interest 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
As always, please let me know if I can help you, your friends/family/potential buyers/borrowers!
Last Updated: 7/21/23
Friday’s bond market has opened in positive territory, looking to close the week on a good note. Stocks are relatively calm, with the Dow up 9 points and the Nasdaq up 31 points. The bond market is currently up 12/32 (3.81%), which should allow this morning’s mortgage rates to be approximately .125 of a discount point lower than Thursday’s early pricing.
There is nothing of importance taking place today. Today’s early improvement is a welcome sign, but there is no clear reason for it. It may be just traders preparing for next week’s activities. Hopefully, we will hold on to those gains throughout the rest of the day.
Next week will be quite interesting. It starts off light with nothing of relevance scheduled for Monday, but the rest of the week has some highly important events scheduled that are expected to heavily influence mortgage rates. They include the initial Gross Domestic Product (GDP) reading that will tell us how strong or weak the U.S. economy was during the 2nd quarter of this year and a few others that draw plenty of attention. In addition to the data, there is an FOMC meeting taking place that is expected to bring another bump to key short-term interest rates. 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 was taking place within 7 days…
Lock if my closing was taking place between 8 and 20 days…
Lock if my closing was taking place between 21 and 60 days…
Float if my closing was taking place over 60 days from now…
This is only my opinion of what I would do if I were 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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