July 24th, 2020 9:32 AM by T. Fanning
Last Updated: 7/24/20Friday's bond market has opened in negative territory despite early stock selling. The major stock indexes are showing noticeable losses with the Dow down 84 points and the Nasdaq down 136 points. The bond market is currently down 5/32 (0.59%), which should push this morning's mortgage rates higher by approximately .125 of a discount point.This morning's only relevant economic data was June's New Home Sales report at 10:00 AM ET. The Commerce Department announced a 13.7% increase in sales of newly constructed homes, exceeding forecasts. The stronger than expected data indicates the new home portion of the housing sector continued to rebound from the shutdown, but since these sales make up such a small portion of all home transactions, we have not seen much of a reaction to the data. Bonds were in negative ground before this report was released.Next week is much busier than this week was in terms of economic releases and other scheduled events that may affect mortgage rates. There is something set for every day that we need to watch, including Monday when June's Durable Goods Orders report will be released. The calendar also includes another FOMC meeting. Look for details on all 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
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