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MIG Market Watch, March 29th, 2021

MIG Market Watch, March 29th, 2021


MIG Market Watch, March 29th, 2021
Market Comment

Mortgage bond prices finished the week significantly higher which put downward pressure on rates. Rates improved most days except for Thursday afternoon and Friday morning which saw some heavy selling pressure. The Fed continued their billion-dollar daily MBS purchases which enabled rates to improve overall. The data was mixed. Existing home sales were 6.22M vs the expected 6.55M. Durable goods fell 1.1% which was in line with estimates. GDP rose 4.3% vs the expected 4.1% increase. Weekly jobless claims were 684K vs 730K. Income fell 7.1% vs the expected 6% decline. Spending fell 1% vs an expected 0.3% decrease. Core PCE rose 0.1% as expected. Consumer sentiment was 84.9 vs 84. Mortgage interest rates finished the week better by approximately 5/8 of a discount point.


Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
FHFA House Price Index Tuesday, March 30,
10:00 am, et
Up 1.1% Moderately Important. A measure of single-family house prices. Weakness may lead to lower rates.
Consumer Confidence Tuesday, March 30,
10:00 am, et
86.8 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
ADP Employment Wednesday, March 31,
8:30 am, et
525K Important. An indication of employment. Weakness may bring lower rates.
Weekly Jobless Claims Thursday, April 1,
8:30 am, et
785K Important. An indication of employment. Higher claims may result in lower rates.
ISM Index Thursday, April 1,
10:00 am, et
53.1 Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
Employment Friday, April 2,
8:30 am, et
6.2%,
Payrolls +185K
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.

House Price Index

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008. The Act gave FHFA the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA’s mission is to provide effective supervision, regulation and housing mission oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to promote their safety and soundness, support housing finance and affordable housing, and support a stable and liquid mortgage market.

“FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. The HPIs are built on tens of millions of home sales and offer insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. The FHFA HPIs use a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze transaction data from Fannie Mae and Freddie Mac. FHFA releases data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses seasonally adjusted, purchase-only data, unless otherwise noted. Additional indexes are based on other data including refinances, FHA mortgages, and real property records.”

FHFA issues a monthly report on house prices called the House Price Index (HPI) that looks back 2 months in time. This week’s FHFA release will shed light on the current state of housing prices. A solid housing market is vital to the health of the U.S. economy.

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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