The Home Loan Mortgage Blog

Weekly Update - 8/31/18

August 31st, 2018 10:43 AM by T. Fanning



Happy Friday,

Rates were again pretty flat this week, but ended up a fraction higher. Next week is a holiday-shortened week with the markets closed Monday for the Labor Day weekend (no early close today). The rest of the week brings us plenty of economic data, including a couple of major reports.*

We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: FHA and VA 1x Close Construction-Perm; 1% Down Conventional Program; 1.50% Down FHA Advantage Program; CHFA Financing; Down Payment Protection program; 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: 8/31/18

Friday's bond market has opened in positive territory even though today's only relevant economic data showed stronger than expected results. Stocks are showing minor gains of 12 points in the Dow and 24 points in the Nasdaq. The bond market is currently up 4/32 (2.84%), which should improve this morning's mortgage rates slightly if comparing to Thursday's early pricing.

The University of Michigan released their revised Index of Consumer Sentiment for August at 10:00 AM ET, revealing a reading of 96.2. This was an increase from the preliminary reading two weeks ago of 95.3 and higher than the 95.5 that was expected. The stronger reading indicates surveyed consumers were more optimistic about their own financial situations this month than previously thought. That is bad news for bonds and mortgage rates because rising sentiment usually translates into stronger levels of consumer spending that fuels economic growth. Fortunately, this is only a moderately important report and traders don't seem to be too concerned with its results.

Next week is a holiday-shortened week with the markets closed Monday for the Labor Day weekend (no early close today). The rest of the week brings us plenty of economic data, including a couple of major reports. 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...
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
Regulated by the Colorado Division of Real Estate
www.nmlsconsumeraccess.org
Posted in:General
Posted by T. Fanning on August 31st, 2018 10:43 AM

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