November 29th, 2019 2:43 PM by T. Fanning
Last Updated: 11/29/19Friday's bond market has opened in negative territory in light trading. The stock markets are showing losses, pushing the Dow down 79 points and the Nasdaq down 17 points. The bond market is currently down 4/32 (1.77%), but this morning's mortgage rates should be close to Wednesday's early pricing. The financial and mortgage markets were closed yesterday for the Thanksgiving holiday.Wednesday afternoon's Fed Beige Book release showed that economic conditions improved modestly from October through mid-November. This was a slightly more optimistic outlook from the previous update. Noteworthy points include better manufacturing conditions, but the sector still showed signs of weakness while other sectors showed signs of improving. The report didn't show many surprises and since it is not considered to be a factual piece of data it didn't draw a reaction in the markets or mortgage rates.There is nothing of importance being released today that is expected to affect mortgage rates. The stock markets will close at 1:00 PM ET today as part of the holiday schedule while the bond market will close at 2:00 PM ET. With many traders home for the extended holiday, we should see mortgage rates remain calm today.Next week does not have a large number of economic releases but a couple of the reports are considered to be highly important. One of those reports comes late Monday morning when the Institute for Supply Management (ISM) posts their manufacturing index for November. Look for details on it and the rest of the week's mortgage-relevant 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...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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