April 8th, 2022 10:23 AM by T. Fanning
Happy Opening Day, go Rockies.
Rates had another healthy increase from last Friday’s numbers. Next week has much more scheduled than this week did. Although, as we have seen recently, we don't need to have a full schedule to see volatility in the financial and mortgage markets. It starts with nothing scheduled Monday except for a couple of Fed speaking engagements. But the rest of the week brings us two important inflation readings and a key measure of consumer spending that makes up over two-thirds of the U.S. economy.*
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: 4/8/22
Friday's bond market has opened in negative territory again with no clear reason other than selling is the current trend for traders. Stocks are mixed with the Dow up 10 and the Nasdaq down 157 points. The bond market is currently down 6/32 (2.68%), which with late weakness yesterday is going to cause an increase of approximately .250 of a discount point in this morning's mortgage rates. If you saw an intraday upward revision yesterday, you should see a smaller increase this morning.
There is nothing of importance scheduled for release today. The lack of something to drive trading is allowing yesterday afternoon's negative tone in the bond market to carry into this morning's session. We can't be too optimistic about an afternoon rally in bonds, meaning it is more likely to see an afternoon increase in rates than an improvement in pricing.
Next week has much more scheduled than this week did. Although, as we have seen recently, we don't need to have a full schedule to see volatility in the financial and mortgage markets. It starts with nothing scheduled Monday except for a couple of Fed speaking engagements. But the rest of the week brings us two important inflation readings and a key measure of consumer spending that makes up over two-thirds of the U.S. economy. Look for details on next week's calendar 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
www.nmlsconsumeraccess.org
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.