September 25th, 2016 3:17 AM by T. Fanning
Last Updated: 9/23/16Friday's bond market has opened down slightly, following stocks as the week heads to a close. The major stock indexes are showing moderate losses of 49 points in the Dow and 22 points in the Nasdaq. The bond market is currently down 2/32 (1.62%), which should keep this morning's mortgage rates at yesterday's levels.Today has nothing of significance to watch. There are a couple of Fed member speaking engagements that by theory could cause movement in the markets. However, following this week's FOMC events, I don't see anything surprising coming from any individual member today. I am expecting a pretty quiet day for mortgage rates, although I would not be surprised to see a little movement in the markets as some investors unwind their pre-FOMC positions.Next week brings us the release of several economic reports that can influence mortgage rates in addition to a couple of Treasury auctions. There is no key data on the calendar, but more than one of the schedule d releases can cause rates move. It is also worth noting that there is at least one event that we will be watching each day of the week.Monday has a minor housing related report being posted. It likely will have little or no direct impact on mortgage rates unless it shows a significant surprise. Look for details on it and the rest of the week's mortgage rate-related 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 be tween 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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