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MIG Market Watch, April 26th, 2021

MIG Market Watch, April 26th, 2021


MIG Market Watch, April 26th, 2021
Market Comment

Mortgage bond prices finished the week near unchanged which held rates steady. We started the week on a negative note with higher rates Monday. The Fed continued their massive billion-dollar daily MBS purchases which countered the selling pressure. Rates rebounded Tuesday and Wednesday only to sell off again Friday morning amid some stronger than expected data. Weekly jobless claims were better than expected at 547K vs the expected 580K. Existing home sales were 6.01M vs the expected 6.18M. LEI rose 1.3% vs 1%. New homes sales were 1021K vs the expected 886K. Mortgage interest rates finished the week with discount points near unchanged.


Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Durable Goods Orders Monday, April 26,
8:30 am, et
Up 1.8% Important. An indication of the demand for “big ticket” items. Weakness may lead to lower rates.
FHFA House Price Index Tuesday, April 27,
10:00 am, et
Up 1.4% Moderately Important. A measure of single-family house prices. Weakness may lead to lower rates.
Consumer Confidence Tuesday, April 27,
10:00 am, et
112.3 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Fed Meeting Adjourns Wednesday, April 28,
2:15 pm, et
No rate changes Important. Few expect the Fed to change rates, but some volatility may surround the adjournment of this meeting.
Q1 GDP Thursday, April 29,
8:30 am, et
Up 6.3% Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
Weekly Jobless Claims Thursday, April 29,
8:30 am, et
680K Important. An indication of employment. Higher claims may result in lower rates.
Q1 Employment Cost Index Friday, April 30,
8:30 am, et
Up 0.4% Very important. A measure of wage inflation. Weakness may lead to lower rates.
PCE Core Inflation Friday, April 30,
8:30 am, et
Up 0.3% Important. A measure of price increases for all domestic personal consumption. Weaker figure may help rates improve.
Personal Income and Outlays Friday, April 30,
8:30 am, et
Up 10.3%,
Up 3.8%
Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.

Manage Risks

To make wise lock decisions everyone needs to be aware of two primary risks. Those are price and event risks. Price risk is simply where the market stands since regularly scheduled morning pricing. Event risk is the economic data that is heading our way. Most rate changes come in response to an economic release. A borrower that chooses to float in front of economic events takes a very big financial risk.

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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