The Home Loan Mortgage Blog

Weekly Update - 3/31/17

March 31st, 2017 6:05 PM by T. Fanning



Snow this weekend? Stay warm and dry!  

Other than the 15-year fixed conventional, conforming loan, rates saw a small decrease from last Friday's numbers. Next week does not have many economic reports scheduled, but most of what is being released is highly important to the financial and mortgage markets. It starts Monday with the release of the Institute for Supply Management's (ISM) manufacturing index late morning and ends with the release of the almighty monthly Employment report Friday
*

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; 1% Down Conventional 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.hlmcolorado.com/mortgageprograms

As always, please let me know if I can help you/friends/family/potential buyers/borrowers!


Last Updated: 3/31/17

Friday's bond market has opened in positive territory following favorable economic news. The major stock indexes are reacting somewhat negatively, with the Dow down 45 points and the Nasdaq down 2 points. The bond market is currently up 4/32 (2.40%), which should keep this morning's mortgage rates very close to yesterday's morning levels.

February's Personal Income & Outlays report was the first of this morning's two economic reports. The Commerce Department announced a 0.4% increase in income and a 0.1% rise in spending. The income reading pegged expectations while the spending was slightly lower than the 0.2% that was forecasted. The data indicates that consumers had more money to spend last month than they did in January but actually spent less than many had thought. Because consumer spending makes up over two-thirds of the U.S. economy and bonds tend to thrive in weaker economic conditions, we can consider the data slightly favorable to bonds and mortgage rates.

The second report March's revised Consumer Sentiment Index from the University of Michigan. It came in at 96.9, short of the 97.6 preliminary reading that was posted earlier this month. The decline means fewer surveyed consumers felt better about their own financial situations than previously thought. That also is good news for mortgage shoppers since weaker levels of confidence usually means consumers are going to spend less in the immediate future

Next week does not have many economic reports scheduled, but most of what is being released is highly important to the financial and mortgage markets. It starts Monday with the release of the Institute for Supply Management's (ISM) manufacturing index late morning and ends with the release of the almighty monthly Employment report Friday. Look for details on all of next week's mortgage-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...
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.*

*http://www.hlmcolorado.com/DailyRateAdvisory




LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
Posted in:General
Posted by T. Fanning on March 31st, 2017 6:05 PM

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog:

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question