May 24th, 2019 11:48 AM by T. Fanning
Last Updated: 5/24/19Friday's bond market has opened in negative territory as stocks post early gains and investors look to protect themselves over the long weekend. The Dow is currently up 118 points while the Nasdaq has gained 54 points. The bond market is currently down 3/32 (2.33%), but strength late yesterday should still allow for an improvement in this morning's mortgage pricing. If you saw a downward intraday revision yesterday afternoon, you may see a slight increase this morning.This morning's sole economic data was April's Durable Goods Orders. The Commerce Department announced early this morning that new orders for appliances, airplanes and other big-ticket products fell 2.1% last month, nearly matching expectations. There was a fairly large downward revision made to March's orders, hinting that the manufacturing sector was a little softer than previously thought. Also good news was a secondary reading that excludes more costly transportation-related order (airplanes) that was unchanged when it was forecasted to rise 0.2%. Generally speaking, these readings were favorable for bonds but this data is known to be extremely volatile from month to month, so the small variances are not enough to fuel further gains in the bond and mortgage markets.The bond market will close at 2:00 PM ET today ahead of Monday's Memorial Day holiday and will reopen for regular trading Tuesday. Stocks will be in full session today but will also be closed Monday. We wish everyone a safe and wonderful holiday weekend.Next week brings us the release of a few relevant economic reports along with a couple of potentially influential Treasury auctions. 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...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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