September 8th, 2017 1:17 PM by T. Fanning
Last Updated: 9/8/17Friday's bond market has opened in negative territory as traders look to capture profits from the recent rally. Stocks are mixed but fairly calm with the Dow up 22 points and the Nasdaq down 12 points. The bond market is currently down 8/32 (2.06%), which should keep this morning's mortgage rates close to Thursday's morning pricing. Some lenders improved rates intraday yesterday, but this morning's losses erased those gains. There is no relevant economic data scheduled for release today. That leaves us to believe stock movement is the best candidate as the source of an intraday change in rates. If the major stock indexes remain near current levels the rest of the day, bonds and mortgage rates are likely to follow suit.Next week brings us the release of several economic reports that are likely to affect mortgage rates in addition to a couple of Treasury auctions. The data comes mid and late week while the auctions will take place mid-week. Monday doesn't have anything set that we need to be concerned about. Look for details on next week's calendar in this weekend'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...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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