March 2nd, 2018 11:08 AM by T. Fanning
Last Updated: 3/2/18Friday's bond market has opened in negative territory, giving back some of yesterday's late rally. The major stock indexes are in selling mode again, following up yesterday's sell-off with the Dow currently down 343 points while the Nasdaq has lost 59 points. The bond market is currently down 7/32 (2.83%), but the late strength yesterday should prevent much of a change in this morning's mortgage rates if comparing to Thursday's early levels. If your lender revised rates lower Thursday afternoon, you should see an increase in this morning's pricing of about the same amount.We saw stocks tank and bonds rally intraday yesterday following news that President Trump is going to announce tariffs on important steel and aluminum next week. The fear is that other countries will retaliate, sparking a trade war that could hurt several industries and potentially restrict economic growth and corporate earnings. As stocks tanked, bonds rallied. Unfortunately, that pattern did not carry into today's trading.The University of Michigan's revised February Index of Consumer Sentiment was posted at 10:00 AM ET today. It came in at 99.7, down from the preliminary estimate of 99.9 and up slightly from the 99.5 that was forecasted. The reading indicates surveyed consumers were slightly more confident in their own financial situations than was thought previously, but not by enough to draw much attention from the markets. This data has had little influence on this morning's bond losses or mortgage rates.Next week has a handful of mortgage rate-relevant economic releases scheduled for release with the most important being Friday's monthly Employment report. The first part of the week is light with little scheduled that is expected to affect rates. Look for details on all of 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...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
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.