If you are in the middle of getting a loan, here is the latest rate lock advisory based on the current market condition. Recommendation is based on number of days you have left until the closing day of your loan. Please bookmark this page since we will update this regularly with the latest information.
Rate Lock Advisory - Friday Jul. 11th
Friday’s bond market has opened in positive territory with stocks mixed and little to drive trading. The major stock indexes are mixed with the Dow down 34 points and the Nasdaq up 2 points. The bond market is currently up 5/32 (2.51%), but due to weakness late yesterday, we should see little change in this morning’s rates if comparing to yesterday’s morning pricing.
Yesterday’s 30-year Treasury Bond auction went better than Wednesday’s 10-year Note sale, but was still unimpressive. Several of the benchmarks we use to gauge investor demand showed an average level of interest in the securities. The bond market did react negatively after results were posted and helped contribute to some of yesterday’s afternoon weakness.
There is nothing on today’s calendar that is likely to have an impact on mortgage rates. This leaves stocks as the best candidate as source of a move in bonds or intraday revision to mortgage rates. We have seen afternoon movement in rates several days this week, so don’t be surprised for that pattern to continue today as investors wrap up the week and prepare for next week.
Next week is much more active than this week was in terms of economic releases and other events that are expected to influence mortgage rates. None of them are scheduled for Monday but the rest of the week has a handful of releases, including a key measurement of consumer spending and a very important inflation reading. We also have two days of monetary policy testimony by Fed Chair Yellen in front of congressional committees the middle part of the week. Look for details on next week’s events in Sunday evening’s weekly preview.
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.
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