December 29th, 2023 5:04 PM by T. Fanning
I hope you had a great Christmas and Holiday and I hope you have a great New Years!
Rates were fairly quiet this week, ending the week a tad lower. Next week brings us a handful of relevant economic reports, including the new month releases that are considered highly important, such as the ISM manufacturing index and the Employment report. Activities start Wednesday, meaning there is plenty scheduled over just three days.*
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
Last Updated: 12/29/23
Friday's bond market has opened in negative territory, appearing to close out the year with a slight increase in mortgage pricing. Stocks are calm with the Dow up 16 points and the Nasdaq up 1 point. The bond market is currently down 9/32 (3.87%), which should push this morning's mortgage rates approximately .125 of a discount point higher than Thursday's early pricing.
Yesterday's 7-year Treasury Note auction did not go as well as Wednesday's 5-year Note sale. The benchmarks we use to gauge investor demand indicated a fairly weak interest in the securities. Bonds extended their morning losses slightly following the results announcement at 1:00 PM ET. However, it was not enough of a move to cause many lenders to issue revised pricing, meaning that move is being reflected in this morning's rates.
Today doesn't have any relevant economic data or other events scheduled that are expected to influence rates. We are seeing bond traders wrap up a very volatile year in a somewhat calm fashion before we get to next week's busy calendar.
The bond market will close early today ahead of Monday's New Year's Day holiday. Stocks are set to trade a full day today, but all markets will be closed Monday for the holiday. We sometimes see a little pressure in bonds before an extended weekend as traders look to protect themselves from major headlines that may come during that period. If there is a negative move before the 2:00 PM ET early closing, it should only be minor and have a minimal impact on rates, if any.
Next week brings us a handful of relevant economic reports, including the new month releases that are considered highly important, such as the ISM manufacturing index and the Employment report. Activities start Wednesday, meaning there is plenty scheduled over just three days. Look for details on all of next week's calendar in Sunday evening's weekly preview.
We would like to take this opportunity to wish you and yours a safe and wonderful holiday weekend!
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.*
*https://www.homeloanmortgageco.com/DailyRateLockAdvisory
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