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MIG Market Watch, December 16th, 2019

MIG Market Watch, December 16th, 2019


MIG Market Watch, December 16th, 2019

MARKET COMMENT
Mortgage bond prices finished the week near unchanged to slightly positive which kept rates in check. We started the week on a positive note Monday morning amid no data as rates improved slightly. The positive movement was short-lived as the gains were erased Tuesday morning. Q3 Productivity fell 0.2% versus the expected 0.1% decrease. Rates were flat Wednesday morning in response to tame inflation data. Consumer prices rose 0.3% and the core rate, which excludes the volatile food and energy costs, rose 0.2%. Traders expected both components of CPI to rise 0.2%. Weekly jobless claims were 252K versus the expected 212K. Producer prices were unchanged versus the expected 0.2% increase. Core PPI fell 0.2%. Analysts expected a 0.2% increase. Retail sales rose 0.2% versus the expected 0.5%. Mortgage interest rates finished the week unchanged to better by approximately 1/8 of a discount point.

LOOKING AHEAD

Economic Indicator Release Date & Time Consensus Estimate Analysis
NAHB Housing Index Monday, Dec. 16,
10:00 am, et
70 Moderately Important.  A measure of single-family housing.  Weakness may lead to lower mortgage rates.
Housing Starts Tuesday, Dec. 17,
8:30 am, et
1.34M Important.  A measure of housing sector strength.  Weakness may lead to lower rates.
Industrial Production Tuesday, Dec. 17,
9:15 am, et
Up 0.8% Important.  A measure of manufacturing sector strength.  A lower than expected increase may lead to lower rates.
Capacity Utilization Tuesday, Dec. 17,
9:15 am, et
77.4% Important.  A figure above 85% is viewed as inflationary.  Weaker figure may lead to lower rates.
Weekly Jobless Claims Thursday, Dec. 19,
8:30 am, et
230K Important.  An indication of employment.   Higher claims may result in lower rates.
Philadelphia Fed Survey Thursday, Dec. 19,
8:30 am, et
8.8 Moderately important.  A survey of business conditions in the Northeast.  Weakness may lead to lower rates.
Existing Home Sales Thursday, Dec. 19,
10:00 am, et
5.45M Low importance.  An indication of mortgage credit demand.  Significant weakness may lead to lower rates.
Personal Income and Outlays Friday, Dec. 20,
8:30 am, et
Up 0.4%,
Up 1.8%
Important.  A measure of consumers’ ability to spend.  Weakness may lead to lower mortgage rates.
Q3 GDP
Third Estimate
Friday, Dec. 20,
8:30 am, et
Up 2.1% Very important.  The aggregate measure of US economic production. Weakness may lead to lower rates.
PCE Core Inflation Friday, Dec. 20,
8:30 am, et
Up 0.1% Important.  A measure of price increases for all domestic personal consumption.  Weaker figure may help rates improve.

INCOME & OUTLAYS
The personal income and outlays release is a monthly report issued by the Bureau of Economic Analysis (BEA). The data is important because it is thought to provide a solid indication of future consumer demand. The personal income component is primarily a measure of wages and salaries. The outlays component is primarily a measure of spending on goods and services. Together the figures provide analysts valuable insight into consumer economic standing and consumption.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020