Although mortgage industry employment continued to slide, the overall jobs picture beat expectations, December data from the Bureau of Labor Statistics found. Preliminary estimates found mortgage banker and broker payrolls totaled 377,400 in November, compared with an upward revision of 389,300 for October and 425,900 in November 2021. This is the lowest level of mortgage … [Read more…]
Today’s mortgage and refinance rates Average mortgage rates had a decent day yesterday, falling moderately. That was overdue after a couple of bad weeks. But it was a great way […]
It’s tempting to max out your preapproved home buying budget. But experts warn against buying the most expensive house you can. Here’s why.
Bonds Push Back Against Stronger Employment Data, But Tomorrow is a Different Fight Bonds got off to a weaker start today following 3 consecutive upbeat labor market reports (Challenger, ADP, and Jobless Claims). Yields managed to find a ceiling with the 10yr in the high 3.7s and ultimately made it back down to the low 3.7s by the close (only a few bps higher on the day). MBS made a similar recovery. Some sources cited “new year” inflows for bond funds. Comments from Fed’s Bullard helped a bit as well. Still, the most important observation for today was the willingness to react to labor data because tomorrow’s jobs report is an infinitely more tradeable event than today’s 3 reports combined. Econ Data / Events ADP Employment 235k vs 150k f’cast, 127k prev Jobless Claims 204k vs 224k f’cast, 223k prev Trade Gap -61.5bln vs -73.0 bln f’cast, -77.85bln prev Market Movement Recap 08:34 AM Mostly flat overnight but losing ground after AM data. 10yr up 6bps and MBS down about 3/8ths. 09:33 AM Additional weakness in MBS now, primarily a factor of illiquidity. 5.0 coupons down 18 ticks (.56). 10yr up 7.7 bps at 3.767. 11:32 AM Decent push back over the past half hour with 10yr yields now up only 4bps at 3.731. MBS are off the lows by about an eighth of a point, but still down 3/9ths on the day. 01:28 PM Bullard comments helped a bit. 10yr now up only 1.5bps on the day at 3.705. MBS down only an eighth of a point on the day.
Another Day Holding Modest Gains After AM Weakness French CPI (of all the crazy things) helped bonds improve in the overnight session, with EU bonds leading the charge for obvious reasons. This marked the second straight day that Europe helped US bonds begin the domestic session in stronger territory only for domestic events to push back on the gains. In today’s case, it was primarily the JOLTS (job openings and labor turnover survey) data that caused the weakness, but a majority of the gains remained intact by the 3pm CME close. The release of the Fed’s meeting minutes had almost no perceptible impact. Econ Data / Events Job Openings and Labor Turnover Survey 10.458 mln vs 10.512 mln prev ISM Manufacturing 48.4 vs 48.5 f’cast, ISM Prices Paid 39.4 vs 42.6 f’cast, 43.0 prev Market Movement Recap 09:01 AM Gradual overnight gains and a good reaction to French PMI bringing yields down 7.3bps at 3.679. MBS up 10 ticks (.31). 10:30 AM Weakness after 10am data with JOLTS taking precedence over ISM. MBS up only 3 ticks on the day, down a quarter point from highs. 10yr still down 4bps at 3.711 but up from lows of 3.664 02:03 PM Limited reaction to Fed Minutes, but slightly weaker, if anything. 10yr still down 3.4bps on the day at 3.72. MBS still up an eighth of a point, but down an eighth since Fed Minutes.
There are some distinct phases of the mortgage loan process.
Hereâs what you need to know about each step.
Pre-approvals donât take much time. They
involve pulling a three-bureau credit report.
An examination of the homeâs condition
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Appraisals are required because they occur
infrequently and every property is unique.
Congratulations! You just closed the deal on
your first home.
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There are some distinct phases of the mortgage loan process.
Hereâs what you need to know about each step.
Mortgage Pre-Approval
Mortgage Loan Application
Loan Processing & Closing
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Logan Mohtashami lays out his housing market forecast for 2023 looking at home prices, mortgage rates and housing inventory.
Veterans Affairs (VA) Loans: A Guide is a post from Pocket Your Dollars.
While building our house we’ve learned a lot about how to save money while going through the building process. Here are a few ways that you can save money when building the home of your dreams.
The post 18 Ways To Save When Building The Home Of Your Dreams appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.
The conventional wisdom suggests that now is a terrible time to buy a home. In September, the average rate for new 30-year mortgages hit 6.29% according to the St. Louis Federal Reserve, almost triple their 2021 low of 2.65%. At ⦠Continue reading â
The post Despite High Rates, Advisors Say Now May Be a Great Time to Buy a Home appeared first on SmartAsset Blog.