MIG Market Watch, October 31st, 2022

MIG Market Watch, October 31st, 2022

MIG Market Watch, October 31st, 2022
Market Comment

Mortgage bond prices finished the week sharply higher which helped rates improve. We started the week on a positive note despite continued inflation concerns. There were reports that some Fed officials may be uncomfortable with the continued rate hikes. There remains some hope that the Fed changes course in 2023 and is less aggressive at the end of this year. The data was mixed. Core PCE inflation rose 0.5% vs 0.4%.The price component of GDP release came in below expectations. Excluding food and energy prices, the price index increased 4.5 percent, compared with an increase of 4.7 percent. This part of the release supported the peak inflation narrative that many are predicting. FHFA housing fell 0.7% as expected. Consumer confidence was 102.5 vs 105.5. New home sales were 603K vs 575K. Mortgage interest rates finished the week better by approximately a full discount point.

Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Construction Spending Tuesday, Nov. 1,
10:00 am, et
Down 0.5% Low importance. An indication of economic strength. Significant weakness may lead to lower rates.
ISM Index Tuesday, Nov. 1,
10:00 am, et
50.0 Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
ADP Employment Wednesday, Nov. 2,
8:30 am, et
198K Important. An indication of employment. Weakness may bring lower rates.
Fed Meeting Adjourns Wednesday, Nov. 2,
2:15 pm, et
75 basis point hike Important. The Fed is expected to raise rates. Volatility may surround the adjournment of this meeting.
Weekly Jobless Claims Thursday, Nov. 3,
8:30 am, et
222K Important. An indication of employment. Higher claims may result in lower rates.
Q3 Productivity Thursday, Nov. 3,
8:30 am, et
Up 0.7% Important. A measure of output per hour. Improvement may lead to lower mortgage rates.
Trade Data Thursday, Nov. 3,
8:30 am, et
$70B deficit Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates.
Factory Orders Thursday, Nov. 3,
10:00 am, et
Up 0.3% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
Employment Friday, Nov. 4,
8:30 am, et
Payrolls +220K
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.

Solid GDP

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.

The upturn from the 0.6% decrease in the second quarter primarily reflected a smaller decrease in private inventory investment, an acceleration in nonresidential fixed investment, and an upturn in federal government spending that were partly offset by a larger decrease in residential fixed investment and a deceleration in consumer spending.


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