February 8th, 2019 10:57 AM by T. Fanning
Last Updated: 2/8/19Friday's bond market has opened in positive territory as the downward trend in yields continues. Stocks are helping the cause with the Dow down 191 points and the Nasdaq down 41 points. The bond market is currently up 5/32 (2.63%), which will likely improve this morning's mortgage rates slightly if comparing to Thursday's early pricing.Yesterday's 30-year Treasury bond auction went better than Wednesday's 10-year Note sale. Several benchmarks used to gauge investor demand for the securities showed a decent level of interest. Overall demand was better than it was for 10-year Notes, but not strong enough to cause intraday improvements to rates. That left the auction as a non-factor in yesterday afternoon's mortgage pricing.There is nothing of importance scheduled for release today. If we there is a change to mortgage rates, it likely will come from movement in stocks. Generally speaking, stock strength usually pressures bonds and leads to higher mortgage rates. What is good news for bonds and rates is often consider bad news for stocks.Next week brings us a batch of important economic data, including a couple of inflation readings and a key measure of consumer spending. All of the week's activities take place the middle and latter days, leaving weekend news and stocks to drive trading early in the week. Look for details on all of next week's events in Sunday evening's weekly preview.If I were considering financing/refinancing a home, I would....Lock if my closing were taking place within 7 days...Float if my closing were taking place between 8 and 20 days...Float if my closing were taking place between 21 and 60 days...Float if my closing were taking place over 60 days from now...This is only my opinion of what I would do if I was financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.**http://www.hlmcolorado.com/DailyRateAdvisory
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