April 13th, 2018 10:48 AM by T. Fanning
Last Updated: 4/13/18Friday's bond market has opened in positive territory due to favorable economic data. The major stock indexes are showing minor losses of 13 points in the Dow and 18 points in the Nasdaq. The bond market is currently up 5/32 (2.82%), but weakness late yesterday is still going to cause this morning's mortgage rates to be slightly higher than Thursday's morning pricing. If your lender revised rates higher before the end of the day yesterday, you may see a slight improvement in this morning's pricing, although it still should be a tad higher than yesterday's morning rates.This morning's sole piece of relevant economic data was the University of Michigan's Index of Consumer Sentiment for April at 10:00 AM ET. It revealed a reading of 97.8, falling well short of March's 101.4 and forecasts of 100.8. The weaker than predicted reading means surveyed consumers don't feel as good about their own financial situations than many had thought. Because waning confidence usually means consumers are less apt to make large purchases that fuel economic growth, we can consider this news favorable for bonds and mortgage rates.Next week has several economic reports that we will be watching, but only one is considered to be highly important. Most of the week's data is scheduled for the first couple days, including Monday's Retails Sales report that will give us an important measurement of consumer spending. Look for details on 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...Lock 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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