The Home Loan Mortgage Blog

Weekly Update - 10/21/16

October 21st, 2016 10:15 AM by T. Fanning



Hello! 

Rates retreated from last Friday's numbers. Next week has a good sized handful of economic releases scheduled, including an extremely important quarterly GDP reading. There are also a couple of Treasury auctions that we will be watching as they may influence rates. There is nothing scheduled for Monday and the most important data comes later in the week.

We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: a Conventional, FHA and VA 1x Close Construction-Perm; SAPPHIRE grant program; HomeStyle renovation program; and a jumbo, 15% 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: 10/21/16

Friday's bond market has opened in positive territory with stocks being in selling mode out of the gate. The major stock indexes are showing fairly sizable losses with the Dow down 92 points and the Nasdaq down 3 points. The bond market is currently up 6/32 (1.73%), but due to weakness late yesterday we should still see a slight increase in this morning's mortgage rates if comparing to Thursday's early pricing.

There is nothing of importance scheduled for release today in terms of economic news. That should leave the bond market subject to any Fed speech surprises or noticeable moves in stocks. The Fed speaking engagements are of little concern to me, so if we see mortgage rates make an intraday revision today, it will likely be in reaction to a stock move. Weaker stocks usually help boost bond prices and lower mortgage rates. On the other hand, if stocks rebound, bonds may give back early gains and possibly lead to an upward revision to rates before the end of the day.

Next week has a good sized handful of economic releases scheduled, including an extremely important quarterly GDP reading. There are also a couple of Treasury auctions that we will be watching as they may influence rates. There is nothing scheduled for Monday and the most important data comes later in the week. Look for details on all of next week's relevant events 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




LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
Posted in:General
Posted by T. Fanning on October 21st, 2016 10:15 AM

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