November 20th, 2020 12:39 PM by T. Fanning
Last Updated: 11/20/20Friday's bond market has opened flat with little in terms of economic data to drive trading. Stocks are showing losses of 100 points in the Dow and 8 points in the Nasdaq. The bond market is currently down 1/32 (0.84%), which should keep this morning's mortgage rates close to Thursday's early pricing.There was no relevant economic data posted this morning. We saw bonds strengthen overnight following news that the Treasury Secretary asked the Federal Reserve to return $455 billion that was currently not being used in its stimulus lending programs for businesses. Even though the funds were not in use at the moment, the markets felt that it was available if the Fed needed to further help businesses. The fact that it was a tool being removed from the Fed's arsenal to boost the economy was favorable for bonds. However, the reaction to the news changed once the markets opened, leaving us nearly unchanged from yesterday's close.Next week brings us a large handful of events that we will be watching in addition to the Thanksgiving holiday. The activities start Monday afternoon with a Treasury auction and conclude Wednesday afternoon with the minutes from this month's FOMC meeting. All of the events take place over just three days due to the holiday schedule. Look for details on next week's calendar 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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