MIG Market Watch, April 27th, 2020

MIG Market Watch, April 27th, 2020

MIG Market Watch, April 27th, 2020

Mortgage bond prices finished the week mixed with conventional prices near unchanged and government prices lower. This kept rates neutral to slightly higher. Rates started the week higher Monday morning as the Fed announced reductions in their billion-dollar MBS tentative purchase schedule. The negative trend continued Tuesday morning. Oil prices remained extremely low. The data was mixed. The FHFA house price index rose 0.7% vs the expected 0.5% increase. Weekly jobless claims were 4.427M vs the expected 4.2M. New home sales were 627K. Analysts looked for a reading of 655K. Durable goods order fell 14.4% which was sharper than the expected 10% decrease. Mortgage interest rates finished the week unchanged to worse by approximately 1/4 of a discount point.


Economic Indicator Release Date & Time Consensus Estimate Analysis
Consumer Confidence Tuesday, April 28,
10:00 am, et
85 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Advance Q1 GDP Wednesday, April 29,
8:30 am, et
Down 4% Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
Fed Meeting Adjourns Wednesday, April 29,
2:15 pm, et
No rate changes Important. Nobody expects the Fed to change rates, but some volatility may surround the adjournment of this meeting.
Weekly Jobless Claims Thursday, April 30,
8:30 am, et
4.6M Important. An indication of employment. Higher claims may result in lower rates.
Personal Income and Outlays Thursday, April 30,
8:30 am, et
Down 1.5%,
Down 5.1%
Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.
PCE Core Inflation Thursday, April 30,
8:30 am, et
Up 0.1% Important. A measure of price increases for all domestic personal consumption. Weaker figure may help rates improve.
Q1 Employment Cost Index Thursday, April 30,
8:30 am, et
Up 0.7% Very important. A measure of wage inflation. Weakness may lead to lower rates.
ISM Index Tuesday, May 1,
10:00 am, et
36.7 Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.

The Institute for Supply Management (ISM), formerly the National Association of Purchasing Management (NAPM), releases the “Report on Business” on the first working day of each month. Part of this report is the “diffusion index,” which tracks the economy’s ups and downs well.

In conducting this survey, the ISM questions purchasing executives from over 250 industrial companies compiling data on production, orders, commodity prices, inventories, vendor performance, and employment. Each of the respondents is asked to rank the categories as “up” or “down.” Various weights are applied to the individual components to form the composite index. A composite index reading of 50 can be thought of as a “swing point.” A reading above 50 implies an increase in economic activity, while a reading below 50 indicates a decline. The ISM report is difficult for economists to forecast because there is little data upon which to base an educated guess. The report has a large “surprise factor” and can cause market swings. Be cautious heading into the release.


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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 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