June 23rd, 2017 12:41 PM by T. Fanning
Last Updated: 6/23/17Friday's bond market has opened in negative territory to close the week. The major stock indexes are showing minor gains of 14 points in the Dow and 12 points in the Nasdaq. The bond market is currently down 3/32 (2.14%), which should push this morning's mortgage rates slightly higher than Thursday's early pricing.May's New Home Sales data was released at 10:00 AM ET this morning. The Commerce Department announced that sales of newly constructed homes rose 2.9% last month. This was a smaller increase than was expected, so the headline number looks favorable for bonds and mortgage rates. However, a sizable upward revision to April's sales skewed the increase percentage. The actual number of sales came in higher than expected, making the data negative for mortgage rates as it indicates a stronger housing sector.Next week is much busier than this week was in terms of economic releases and other mortgage rate-relevant events. We have at least one economic report or Treasury auction set each day of the week, so we should see mortgage rates be more active next week.The week starts off with a pretty important report Monday morning when May's Durable Goods Orders will be posted. It will give us some insight on the manufacturing sector and demand for big-ticket products. Look for details on it and the rest of the week's activities that may affect mortgage rates 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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