November 17th, 2023 10:51 AM by T. Fanning
Hello, I hope you’re having a great Friday!
Rates had a nice week, ending lower due to some more reports indicating the job market was slowing. Next week will be shortened due to the Thanksgiving holiday schedule with the markets closed Thursday and closing early Friday. There are things scheduled Monday through Wednesday that we will be watching, starting with the moderately important Leading Economic Indicators (LEI) report late Monday morning. In addition to a few economic reports, one of which is more important than the others, we will also get the minutes from this month's FOMC meeting.*
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: 11/17/23
Friday's bond market has opened in negative territory following stronger housing data. Stocks are calm at the moment with the Dow up 1 point and the Nasdaq down 27 points. The bond market is currently down 4/32 (4.45%), which should cause an increase of approximately .125 of a discount point in this morning's mortgage rates.
Today's sole relevant economic report was October's Housing Starts at 8:30 AM ET. It showed a 1.9% rise in new home groundbreakings, hinting at strength in the new home portion of the housing sector. This was a larger increase than was expected, but a downward revision to September's starts is skewing the monthly percentage of the increase. Still, the actual number of starts is a little higher than what was predicted, causing us to label the report slightly negative for bonds and mortgage pricing.
Next week will be shortened due to the Thanksgiving holiday schedule with the markets closed Thursday and closing early Friday. There are things scheduled Monday through Wednesday that we will be watching, starting with the moderately important Leading Economic Indicators (LEI) report late Monday morning. In addition to a few economic reports, one of which is more important than the others, we will also get the minutes from this month's FOMC meeting. 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... 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
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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