February 18th, 2022 9:54 AM by T. Fanning
Hi,
Rates were mostly unchanged this week, with very minor changes from last Friday. Next week brings us a handful of economic reports that have the potential to affect mortgage pricing along with a couple of Treasury auctions. We also will have to deal with weekend news from Ukraine. The more important releases are set for later in the week. The stock and bond markets will be closed Monday for the President's Day holiday and will reopen for regular trading Tuesday morning. There is no early closure today.*
We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: Chenoa Fund loans; 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 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.homeloanmortgageco.com/mortgageprograms
As always, please let me know if I can help you, your friends/family/potential buyers/borrowers!
Last Updated: 2/18/22
Friday's bond market has opened in positive territory following conflicting economic data. The major stock indexes are mixed with the Dow up 47 points and the Nasdaq down 21 points. The bond market is currently up 8/32 (1.94%), which should improve this morning's mortgage rates slightly.
January's Leading Economic Indicators (LEI) was posted at 10:00 AM ET this morning, revealing an unexpected decline of 0.3% when analysts were expecting to see an increase. These indicators attempt to predict economic activity over the next three to six months, meaning they are pointing towards slower activity this spring. That makes the release favorable news for mortgage rates.
Also posted late this morning was January's Existing Home Sales report that showed home resales jumped 6.7% last month, exceeding forecasts. The larger number is a sign of housing sector strength that makes the data unfavorable for bonds and mortgage rates. This is because strength in the housing sector makes broader economic growth more feasible.
Next week brings us a handful of economic reports that have the potential to affect mortgage pricing along with a couple of Treasury auctions. We also will have to deal with weekend news from Ukraine. The more important releases are set for later in the week. The stock and bond markets will be closed Monday for the President's Day holiday and will reopen for regular trading Tuesday morning. There is no early closure today. Look for details on 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...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
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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