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MIG Market Watch, January 30th, 2023

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30 Jan

MIG Market Watch, January 30th, 2023

MIG Market Watch, January 30th, 2023
Market Comment

Mortgage bond prices finished the week near unchanged which held rates flat. However, considerably volatility continued throughout the week. Rates worsened Monday and Tuesday, bounced back Wednesday and Thursday morning, and lost ground Thursday afternoon and Friday morning. The data was generally solid with very little price pressures. Leading economic indicators fell 1% vs the expected 0.7% decline. GDP rose 2.9% vs 2.6%. Durable goods rose 5.6% vs 2.9%. Weekly Jobless claims were 186K vs 205K. Personal income rose 0.2% as expected. Outlays rose 0.2% vs down 0.1%. Core PCE rose 0.3% as expected. Consumer sentiment was 64.9 vs 64.6. Mortgage interest rates finished the week with discount points near unchanged.

Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Q4 Employment Cost Index Tuesday, January 31,
8:30 am, et		 Up 1.1% Very important. A measure of wage inflation. Weakness may lead to lower rates.
FHFA House Price Index Tuesday, January 31,
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, January 31,
10:00 am, et		 109.0 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
ADP Employment Wednesday, Feb. 1,
8:30 am, et		 218K Important. An indication of employment. Weakness may bring lower rates.
ISM Index Wednesday, Feb. 1,
10:00 am, et		 48.0 Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
Fed Meeting Adjourns Wednesday, Feb. 1,
2:15 pm, et		 25 basis point hike Important. Most expect the Fed to raise rates. Volatility may surround the adjournment of this meeting.
Preliminary Q4 Productivity Thursday, Feb. 2,
8:30 am, et		 Up 2.4% Important. A measure of output per hour. Improvement may lead to lower mortgage rates.
Factory Orders Thursday, Feb. 2,
10:00 am, et		 Up 0.1% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
Employment Friday, Feb. 3,
8:30 am, et		 3.6%,
Payrolls +185K		 Very important. An increase in unemployment or weakness in payrolls may bring lower rates.
Employment Cost Index

The employment cost index is a quarterly report issued by the Department of Labor. The report measures the growth of wages, salaries, and benefits costs over a certain period of time. Though ECI figures are usually weeks old, the data remains the best indicator of employment price pressures considering it factors employees’ total compensation.

If wage pressures become evident, higher expectations of inflation also tend to arise. However, increasing compensation does not necessarily lead to increased inflationary pressures. Oftentimes, increased productivity enables employers to increase compensation without increasing the costs of their goods or services. Be cautious heading into this release.

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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

LEGAL & CONSUMER INFORMATION
NMLS #34391 - TN License # 109111 See the NMLS consumer access page