The Home Loan Mortgage Blog

Weekly Update - 10/19/18

October 19th, 2018 10:32 AM by T. Fanning



Hi, I hope you're having a great Friday!

Rates gave back last week's decrease and are back at the previous week's level. Next week brings us a handful of economic reports that are relevant to mortgage rates in addition to a couple of Treasury auctions. The important releases will come later in the week. Monday has nothing of importance set, so weekend news and stock movement are likely to drive bond trading and mortgage rates the first day or two. *

We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: FHA and VA 1x Close Construction-Perm; 1% Down Conventional Program; 1.50% Down FHA Advantage Program; CHFA Financing; Down Payment Protection program; 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.hlmcolorado.com/mortgageprograms

As always, please let me know if I can help you/friends/family/potential buyers/borrowers!
                   

Last Updated: 10/19/18

Friday's bond market has opened in negative territory even though this morning's sole economic report gave us bond-friendly results. The major stock indexes are reacting to strong corporate earnings news, pushing the Dow higher by 226 points and the Nasdaq higher by 96 points. The bond market is currently down 8/32 (3.20%), but strength late yesterday should prevent much of a change in this morning's mortgage rates if comparing to Thursday's morning pricing. If your lender did revise rates lower intraday yesterday, you should see an increase in this morning's rates of the same amount.

September's Existing Home Sales data was posted at 10:00 AM ET this morning. The National Association of Realtors reported that home resales fell 3.4% last month. This was a larger decline than forecasted, the largest monthly decline in the past two years and the sixth consecutive month that showed a drop in sales. Those points indicate that the housing sector is weakening, making the data good news for bonds and mortgage rates. However, we are seeing stock-related trading that makes the data irrelevant today.

Next week brings us a handful of economic reports that are relevant to mortgage rates in addition to a couple of Treasury auctions. The important releases will come later in the week. Monday has nothing of importance set, so weekend news and stock movement are likely to drive bond trading and mortgage rates the first day or two. Look for details on 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.*

*http://www.hlmcolorado.com/DailyRateAdvisory




LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
Regulated by the Colorado Division of Real Estate
www.nmlsconsumeraccess.org
Posted in:General
Posted by T. Fanning on October 19th, 2018 10:32 AM

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