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MIG Market Watch, February 15th, 2021

MIG Market Watch, February 15th, 2021


MIG Market Watch, February 15th, 2021

MARKET COMMENT
Mortgage bond prices finished the week lower which put upward pressure on rates. Rates were worse Monday, rebounded a little the middle of the week, and finished on a negative note. The Fed continued their multi-billion-dollar daily MBS purchases however it was not enough to prevent the slight upward movement in rates. The data was mixed with tame inflation readings. The consumer price index rose 0.3% as expected. The core, which excludes volatile food and energy, was unchanged vs an expected 0.2% increase. Weekly jobless claims were 793K vs the expected 750K. Consumer sentiment was 76.2 vs the expected 80.8. Mortgage interest rates finished the week worse by approximately 1/4 to 3/8 of a discount point.

LOOKING AHEAD

Economic Indicator Release Date & Time Consensus Estimate Analysis
Producer Price Index Wednesday, Feb. 17,
8:30 am, et
Up 0.4%,
Core up 0.2%
Important. An indication of inflationary pressures at the producer level. Weaker figures may lead to lower rates.
Retail Sales Wednesday, Feb. 17,
8:30 am, et
Up 0.7% Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
Industrial Production Wednesday, Feb. 17,
9:15 am, et
Up 0.4% Important. A measure of manufacturing sector strength. A lower-than-expected increase may lead to lower rates.
Capacity Utilization Wednesday, Feb. 17,
9:15 am, et
74.8% Important. A figure above 85% is viewed as inflationary. Weaker figure may lead to lower rates.
NAHB Housing Index Wednesday, Feb. 17,
10:00 am, et
83 Moderately Important. A measure of single-family housing. Weakness may lead to lower mortgage rates.
Weekly Jobless Claims Thursday, Feb. 18,
8:30 am, et
825K Important. An indication of employment. Higher claims may result in lower rates.
Housing Starts Thursday, Feb. 18,
8:30 am, et
1.653M Important. A measure of housing sector strength. Weakness may lead to lower rates.
Philadelphia Fed Survey Thursday, Feb. 18,
10:00 am, et
22 Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.
Existing Home Sales Friday, Feb. 19,
10:00 am, et
6.55M Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.

NAHB INDEX
The National Association of Home Builders (NAHB) releases the Housing Market Index each month which provides an indication of single-family housing market conditions. The results are derived from a survey of NAHB members in which members are asked to rate current market conditions, future market conditions, and prospective buyer traffic. The data is compiled and then a final number between 0 and 100 is released. A reading over 50 is generally considered positive. The data often correlates with the housing starts data. The release this week may provide an early indicator to the housing starts figure Thursday.

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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