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MIG Market Watch, March 6th, 2023

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06 Mar

MIG Market Watch, March 6th, 2023

MIG Market Watch, March 6th, 2023
Market Comment

Mortgage bond prices finished the week lower which put additional upward pressure on rates. Trading started on a positive note Monday but selling pressure followed the remainder of the week. Minneapolis Fed President Kashkari, a voting member, expressed openness to more aggressive rate hikes which caused some selling pressure. The trade deficit was $91.5B vs $89.6B. The FHFA house price index fell 0.1% as expected. ISM Index was 47.7 vs 48. Weekly jobless claims were 190K vs 195K. Productivity rose 1.7% vs 2.6%. Mortgage interest rates finished the week worse by approximately 3/8 of a discount point.

Looking Ahead
Economic Indicator Release Date & Time Consensus Estimate Analysis
Factory Orders Monday, March 6,
10:00 am, et		 Down 3.6% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
3-year Treasury Note Auction Tuesday, March 7,
1:15 pm, et		 None Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.
Consumer Credit Tuesday, March 7,
3:00 pm, et		 $20B Low importance. A significantly large increase may lead to lower mortgage interest rates.
Trade Data Wednesday, March 8,
8:30 am, et		 $69B deficit Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates.
ADP Employment Wednesday, March 8,
8:30 am, et		 110K Important. An indication of employment. Weakness may bring lower rates.
10-year Treasury Note Auction Wednesday, March 8,
1:15 pm, et		 None Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.
Weekly Jobless Claims Thursday, March 9,
8:30 am, et		 192K Important. An indication of employment. Higher claims may result in lower rates.
Employment Friday, March 10,
8:30 am, et		 3.5%,
Payrolls +200K		 Very important. An increase in unemployment or weakness in payrolls may bring lower rates.
Fed Testimony

Fed Chair Powell delivers the Federal Reserve’s semiannual report on monetary policy, familiarly called the Humphrey-Hawkins report, to both the House and Senate Banking Committees this Tuesday and Wednesday. The report is one of the most important speeches given by the Fed Chair and was originally mandated by the Full Employment and Balanced Growth Act. The remarks made to each committee tend to be identical in nature and address basic economic principles. The areas addressed tend to be the overall state of the US economy, recent developments, economic fundamentals, foreign developments, economic outlook, ranges for growth, and concluding remarks. SenatorHubert Humphrey and Representative Augustus Hawkins originally sponsored the legislation in 1977.

There is a potential for market volatility anytime the Fed Chair speaks. The testimony starts Tuesday. A cautious approach to rate decisions is prudent heading into the event.

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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

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