October 9th, 2020 11:29 AM by T. Fanning
Last Updated: 10/9/20Friday's bond market has opened in positive territory in positive territory with little to drive trading at the moment. Stocks are showing gains of 55 points in the Dow and 85 points in the Nasdaq. The bond market is currently 5/32 (0.76%), but weakness late yesterday should push this morning's mortgage rates slightly higher than Thursday's early pricing.There is nothing set for release today that we need to be concerned with. It is safe to assume that bond trading and mortgage rate movement will be guided by stocks and stimulus talk. News (or tweets) of progress on a stimulus package from the relevant individuals in Washington DC will likely have a negative impact on bonds and mortgage pricing. On the other hand, an announcement that negotiations are at a stalemate, indicating a deal won't be reached soon, would be favorable news for rates. If there are no headlines on that topic today, don't be surprised to see a little weakness in bonds this afternoon as traders prepare for the long weekend and what may transpire during it.Next week is shortened for the bond market due to the Columbus Day holiday Monday, but the stock markets will be open for trading. Many mortgage lenders will be open for business despite the holiday. However, rates may be reflective of this afternoon's pricing or new rate locks may be delayed until Tuesday's open. The rest of the week brings us a handful of economic reports, including a few highly important releases that will draw plenty of attention. Look for details on all of next week's activities 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...Lock 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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