May 3rd, 2019 11:27 AM by T. Fanning
Last Updated: 5/3/19Friday's bond market initially opened in negative territory but has since moved into positive ground. The major stock indexes are up also, pushing the Dow higher by 74 points and the Nasdaq up 71 points. The bond market is currently up 6/32 (2.52%), which should improve this morning's mortgage rates slightly if comparing to Thursday's early pricing. Some lenders revised rates higher intraday yesterday as bonds slipped. If your lender did make that move, you should see more of an improvement this morning.Today's major economic data came at 8:30 AM ET when April's Employment report was posted. It showed that the U.S. unemployment rate slipped 0.2% to 3.6% last month, its lowest level since December 1969. Today's release also revealed that 263,000 new jobs were added to the economy during the month. Both of these readings can be considered bad news for bonds and mortgage rates because forecasts were calling for 3.8% and 200,000 respectively. They point towards growth in the employment sector.A bit of good news came in the average earnings reading that showed a 0.2% rise in earnings when analysts were expecting to see 0.3%. The weaker number supports softer inflation theories, making the news a positive for bonds and mortgage rates. March's earnings were revised higher by 0.1%, but that doesn't seem to be having much of an impact on this morning's trading.Next week has fewer events scheduled than this week did with just two Treasury auctions and a couple of important inflation readings. The events that are scheduled can cause noticeable move in mortgage rates though. All of the week's activities take place the middle and latter days, meaning we could see the most movement in mortgage pricing those days. Look for details on next week's complete 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...Float 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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