The Home Loan Mortgage Blog

Weekly Update - 8/7/20

August 7th, 2020 11:23 AM by T. Fanning



Hey, I hope you had a great week!

Numbers were mixed, with conventional loan rates ending the week lower; government loan rates ending the week a tad higher. 
Next week brings us the release of a handful of relevant economic releases in addition to a couple of Treasury auctions. Some of the data is considered to be highly important, including a consumer spending report at the end of the week. There is something scheduled each day that may move mortgage rates except for Monday.*

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% 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: 8/7/20

Friday's bond market has opened in positive territory following mixed results in this morning's big economic report. Stocks are showing early losses with the Dow down 110 points and the Nasdaq down 28 points. The bond market is currently up 2/32 (0.53%), which with a little strength late yesterday should improve this morning's mortgage rates by approximately .125 of a discount point.

Today's major economic release was July's Employment report at 8:30 AM ET that showed 1.763 million new jobs were added back to the economy. It also showed that the unemployment rate fell from 11.1% in June to 10.2% last month. The payroll number was well within the range of forecasts while the unemployment rate came in a bit lower than the 10.5% that was expected. Because the payroll number was still high and the unemployment rate fell below expectations, we can consider the data neutral for mortgage rates.

Next week brings us the release of a handful of relevant economic releases in addition to a couple of Treasury auctions. Some of the data is considered to be highly important, including a consumer spending report at the end of the week. There is something scheduled each day that may move mortgage rates except for Monday. Look for details on 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 7th, 2020 11:23 AM

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