June 23rd, 2023 1:12 PM by T. Fanning
Hello, I hope you’re having a good week!
Rates ended the week slightly higher than last Friday’s numbers. Next week brings us a good number of economic releases that are likely to affect mortgage rates, including important manufacturing data early and a report that includes the Fed's preferred inflation index Friday. In between are a number of moderately relevant reports, Treasury auctions and two overseas speaking engagements by Fed Chairman Powell. There is plenty listed that should keep the financial and mortgage markets active next week. Monday is the only day without at least one item scheduled.*
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: 6/23/23
Friday's bond market has opened well in positive territory, recovering yesterday's afternoon losses. Stocks are looking to close the week on a negative note, pushing the Dow down 167 points and the Nasdaq down 172 points. The bond market is currently up 21/32 (3.71%), which should erase yesterday's intraday increase. If you saw an intraday upward revision in pricing yesterday, you should see a nice improvement this morning to bring rates back to Thursday's early rates.
There is nothing set for release today that is relevant to mortgage rates. This morning's early rebound from yesterday's bond sell-off is a very encouraging sign for rates. The benchmark 10-year Treasury Note yield is again testing a fairly important resistance level. If it closes below 3.72%, we can remain optimistic that lower mortgage rates are coming in the near future. On the other hand, if this threshold isn't broken, it could establish a floor that means yields and mortgage rates may be moving higher again.
Next week brings us a good number of economic releases that are likely to affect mortgage rates, including important manufacturing data early and a report that includes the Fed's preferred inflation index Friday. In between are a number of moderately relevant reports, Treasury auctions and two overseas speaking engagements by Fed Chairman Powell. There is plenty listed that should keep the financial and mortgage markets active next week. Monday is the only day without at least one item scheduled. Look for details on all of the 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... 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
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