February 9th, 2024 2:07 PM by T. Fanning
Hi, I hope you have a good weekend.
Rates were pretty quiet this week – all in preparation for the upcoming inflation reports. Next week has plenty of economic data for the markets to digest, including two major inflation indexes and a key consumer spending report. It starts off light with nothing of importance scheduled for Monday.*
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: 2/9/24
Friday's bond market has opened in negative territory again, continuing the upward momentum in yields and mortgage pricing. Stocks are mixed with the Dow down 60 points and the Nasdaq up 97 points. The bond market is currently down 7/32 (4.18%), which should cause an increase of approximately .125 of a discount point in this morning's mortgage rates.
Yesterday's 30-year Treasury Bond auction followed suit of Wednesday's 10-year Note sale by drawing a decent demand. The benchmarks pointed towards an above average demand, allowing mortgage bonds to slightly improve after results were announced at 1:00 PM ET. Unfortunately, it wasn't strong enough to erase the negative momentum during morning and early afternoon trading. This prevented most lenders from issuing an intraday improvement to rates, making the auction a non-event for mortgage shoppers.
We don't have anything in terms of economic releases to watch today. There is a Fed speech scheduled for midday from Dallas Fed President Lori Logan. The topic of her speech doesn't appear to be anything that is expected to affect bond trading or mortgage rates. If there are any surprises in it, we should see a reaction during early afternoon trading.
Next week has plenty of economic data for the markets to digest, including two major inflation indexes and a key consumer spending report. It starts off light with nothing of importance scheduled for Monday. 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... 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
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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