Moorpark Rate Advisory, Home Loans

Mortgage and Lending with Core Financial Soultions, Inc

Tuesday's bond market has opened in positive territory again as investors seek safe-haven from stock volatility. The stock markets are showing small gains with the Dow up 25 points and the Nasdaq up 10 points. The bond market is currently up 9/32, which will likely improve this morning's mortgage rates by approximately .250 of a discount point.

There is no relevant economic data scheduled for release today or tomorrow. This will likely leave bonds to be driven by stock markets moves and concerns. If stocks move higher later today and tomorrow, we could see bonds suffer and mortgage rates inch higher. If the major indexes fall, mortgage rates could follow suit. However, I am still holding the lock recommendations for the time being.

There really is no important economic news scheduled for release until Friday morning when the Commerce Department will post July's Durable Goods Orders. This will give us an important measure of manufacturing sector strength. This data tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. A smaller increase than the expected 1.0% rise would indicate that the manufacturing sector is not as strong as thought. This would be good news for bonds and should lead to lower mortgage rates.

Also scheduled for release Friday is July's New Home Sales data. This report is the least important release of the week. It will give us an indication of housing sector strength and mortgage credit demand, but usually doesn't have a major impact on bond prices or mortgage rates. If it indicates that the housing sector is still rapidly weakening, it may help push bond prices higher and mortgage rates slightly lower. But with the Durable Goods report being of much more significance to the markets, it will likely influence mortgage rates much more then the housing report will.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Please let me know if I can provide loan information for any of your clients. I would be happy to quickly pre-qualify them, provide loan scenarios, or help improve their credit position to obtain a lower interest rate. I am here to provide you and your clients with exceptional service in a courteous and respectful manner.

Paul Lefton


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Paul Lefton

Simi Valley Home Loans
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