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MIG Market Watch, November 22nd

MIG Market Watch, November 22nd


MIG Market Watch, November 22nd
Market Comment

Mortgage bond prices finished the week higher which helped rates improve a little. Trading was volatile from day to day as inflation fears weighed heavily on the financial markets and consumers. We started the week terribly with upward pressure on rates Monday and Tuesday in response to solid data. Retail sales rose 1.7% vs 1.2%. Production rose 1.6% vs 1%. Capacity use was 76.4% vs 75.7%. NAHB housing was 83.0 vs 81.0. Weaker data mid-week and continued billion-dollar daily Fed MBS purchases helped recover the losses and more by the end of the week. Housing starts were 1.52M vs the expected 1.57M. Weekly jobless claims were 268K vs 260K. Leading Economic Indicators rose 0.9% vs 1.0%. Mortgage interest rates finished the week better by approximately 1/8 to 1/4 of a discount point.


Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Existing Home Sales Monday, Nov. 22,
10:00 am, et
6.2M Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.
Weekly Jobless Claims Wednesday, Nov. 24,
8:30 am, et
260K Important. An indication of the demand for “big ticket” items. Weakness may lead to lower rates.
Durable Goods Orders Wednesday, Nov. 24,
8:30 am, et
Up 0.2% Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.
Q3 GDP Wednesday, Nov. 24,
8:30 am, et
Up 2.2% Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
Personal Income and Outlays Wednesday, Nov. 24,
8:30 am, et
Up 0.2%,
Up 0.8%
Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.
PCE Core Inflation Wednesday, Nov. 24,
8:30 am, et
Up 0.5% Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.
New Home Sales Wednesday, Nov. 24,
10:00 am, et
802K Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.
U of Michigan Consumer Sentiment Wednesday, Nov. 24,
10:00 am, et
66.9 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
Fed Minutes Wednesday, Nov. 24,
2:00 pm, et
None Important. Details of the last Fed meeting will be thoroughly analyzed.

Existing Home Sales

The National Association of Realtors releases existing home sales data near the end of each month. The data is derived from a sampling of MLS data across the nation. The release shows the current sales rate for existing single-family, coops, and condos. A national figure and four regional figures are provided. The housing market is a critical component of the US economy. A house is usually one of the largest assets a consumer owns. Housing usually leads to market recoveries or can signal trouble ahead. The future of the housing market remains uncertain. While the release usually is not a big market mover it still has the potential to result in some market volatility and provides a snapshot of the health of the housing industry.

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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