The Home Loan Mortgage Blog

Weekly Update - 8/18/17

August 18th, 2017 10:48 AM by T. Fanning



Happy Friday!  I hope you had a great week!

Rates were mixed this week. The conventional, conforming 15-year fixed and 30-Year Jumbo rates saw a very minor increase; the other programs saw a minor decrease. Next week brings us the release of only a couple of economic reports that may influence mortgage rates. The biggest event of the week may end up being the annual Jackson Hole Fed conference the latter days. Monday has nothing of importance scheduled, so we can expect weekend news and stock movement to drive bonds and mortgage rates as the week starts.*

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: 8/18/17

Friday's bond market has opened in positive territory despite stronger than expected economic data. Another round of stock selling is helping to boost bonds during early trading. The Dow is currently down 53 points while the Nasdaq has lost 6 points. The bond market is currently up 3/32 (2.17%), which should improve this morning's mortgage rates slightly.

We saw bond prices rise and yields drop as stocks slid yesterday afternoon. The terror events in Spain contributed to the stock selling yesterday, leading funds to shift into bonds. That caused many lenders to improve rates slightly intraday Thursday. If your lender did improve rates before closing, you likely will see little change in this morning's pricing.

Today's sole relevant economic data was July's Consumer Sentiment Index from the University of Michigan at 10:00 AM ET. It came in at 97.6, much higher than the 94.0 that was expected. It was also a noticeable increase from June's final reading of 93.4. That means surveyed consumers were more optimistic about their own financial situations than many had thought. Because rising confidence usually translates into stronger levels of consumer spending that fuels economic growth, we should consider this data bad news for bonds and mortgage rates.

Next week brings us the release of only a couple of economic reports that may influence mortgage rates. The biggest event of the week may end up being the annual Jackson Hole Fed conference the latter days. Monday has nothing of importance scheduled, so we can expect weekend news and stock movement to drive bonds and mortgage rates as the week starts. 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.*

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




LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289
Posted in:General
Posted by T. Fanning on August 18th, 2017 10:48 AM

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