Translate:

EN

MIG Market Watch, November 28th, 2022

MIG Market Watch, November 28th, 2022


MIG Market Watch, November 28th, 2022
Market Comment

Mortgage bond prices finished the week near unchanged which held rates flat despite a little volatility early in the shortened trading week. Rates shot higher Monday and Tuesday amid thin trading conditions and no data. We recovered some of the losses Wednesday morning and afternoon. There was no trading Thursday in honor of the holiday and the trading day ended early Friday afternoon. The data was mixed. Weekly jobless claims surprised to the upside with a reading of 240K vs 226K. Durable goods rose 1% vs 0.4%. New home sales were 632K vs 578K. Consumer sentiment was 56.8 vs 55.5. Mortgage interest rates finished the week with no changes in discount points.


Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
FHFA House Price Index Tuesday, Nov. 29,
10:00 am, et
Down 0.8% Moderately Important. A measure of single-family house prices. Weakness may lead to lower rates.
Consumer Confidence Tuesday, Nov. 29,
10:00 am, et
100.0 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
ADP Employment Wednesday, Nov. 30,
8:30 am, et
200K Important. An indication of employment. Weakness may bring lower rates.
Q3 GDP Wednesday, Nov. 30,
8:30 am, et
Up 2.7% Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
Weekly Jobless Claims Thursday, Dec. 1,
8:30 am, et
222K Important. An indication of employment. Higher claims may result in lower rates.
Personal Income and Outlays Thursday, Dec. 1,
8:30 am, et
Up 0.4%,
Up 0.8%
Important. A measure of consumers’ ability to spend. Weakness may lead to lower mortgage rates.
PCE Core Inflation Thursday, Dec. 1,
8:30 am, et
Up 0.3% Important. A measure of price increases for all domestic personal consumption. Weaker figure may help rates improve.
ISM Index Thursday, Dec. 1,
10:00 am, et
49.8 Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
Employment Friday, Dec. 2,
8:30 am, et
3.7%,
Payrolls +200K
Very important. An increase in unemployment or weakness in payrolls may bring lower rates.

Fed “Beige Book”

The Fed “Beige Book” is a summary of economic conditions from each of the 12 Federal Reserve regional districts. The release takes place eight times a year approximately two weeks ahead of each of the Federal Open Market Committee meetings. The report is used at the FOMC meetings, which tends to be one of the most influential events in the market. This week the summary will be released Wednesday afternoon. Market participants are continually attempting to determine what FOMC interest rate policy will be ahead of the next meeting. Any deviation from expectations usually results in extreme short- term market volatility. The timing of the “Beige Book” provides analysts a valuable look at one of the many factors the FOMC considers in setting interest rate policy.

Share

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