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MIG Market Watch, January16th, 2023

MIG Market Watch, January16th, 2023


MIG Market Watch, January16th, 2023
Market Comment

Mortgage bond prices finished the week higher which helped rates improve. There were very few economic releases but considerable volatility. Rates improved to start the week, quickly reversed course Tuesday, bounced back Thursday afternoon, and sold off again Friday morning. Inflation data was lower than expected. Consumer prices fell 0.1% vs the expected unchanged reading. The core rose 0.3% as expected. Weekly jobless claims were 205K vs 215K. Consumer sentiment was 64.6 vs 60.5. Mortgage interest rates finished the week better by approximately 1/2 of a discount point.


Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Producer Price Index Wednesday, Jan. 18,
8:30 am, et
Down 0.1%,
Core up 0.1%
Important. An indication of inflationary pressures at the producer level. Weaker figures may lead to lower rates.
Retail Sales Wednesday, Jan. 18,
8:30 am, et
Down 0.8% Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
Industrial Production Wednesday, Jan. 18,
9:15 am, et
Down 0.1% Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates.
Capacity Utilization Wednesday, Jan. 18,
9:15 am, et
79.6% Important. A figure above 85% is viewed as inflationary. Weaker figure may lead to lower rates.
NAHB Housing Index Wednesday, Jan. 18,
10:00 am, et
31 Moderately Important. A measure of single-family housing. Weakness may lead to lower mortgage rates.
Fed “Beige Book” Wednesday, Jan. 18,
2:00 pm, et
None Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower rates.
Weekly Jobless Claims Thursday, Jan. 19,
8:30 am, et
205K Important. An indication of employment. Higher claims may result in lower rates.
Housing Starts Thursday, Jan. 19,
8:30 am, et
Down 0.5% Important. A measure of housing sector strength. Weakness may lead to lower rates.
Philadelphia Fed Survey Thursday, Jan. 19,
10:00 am, et
3.8 Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.

Busy Week

Economic data is usually the number one reason mortgage interest rates move daily. Data is compiled from numerous sources and comes in two flavors, economic growth and inflation. Some releases are more important than others and thus are more likely to cause wider swings in mortgage rates. Rates move in relation to the deviation from expectations. We have significant releases all week. The potential for mortgage interest rate volatility is greater as a result.

The recent short-term trend has been favorable. Future rate volatility is likely, so caution is key.

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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