November 17th, 2017 1:49 PM by T. Fanning
Last Updated: 11/17/17Friday's bond market has opened in positive territory despite much stronger than anticipated housing news. The major stock indexes are showing relatively minor losses with the Dow down 46 points and the Nasdaq down 1 point. The bond market is currently up 8/32 (2.34%), but weakness late yesterday is going to prevent much of a change in this morning's mortgage rates. If your lender revised pricing higher Thursday afternoon, you should see a slight improvement in this morning's rates.The Commerce Department announced early this morning that October's Housing Starts jumped 13.7%, exceeding forecasts by a wide margin. A secondary reading that tracks new permits issued, giving us an indication of future groundbreakings, also came in higher than expected. The data points towards a strengthening new home portion of the housing sector, making the data bad news for bonds and mortgage rates. Fortunately, this is not considered to be a highly important report, minimizing its impact on today's trading.Next week will be shortened due to the Thanksgiving holiday but still has a couple of economic reports and other items that we need to watch. Most of the data being released is considered moderately important but there is also one report that does draw plenty of attention in addition to the minutes from the most recent FOMC meeting.There is a minor release set for Monday morning (Leading Economic Indicators) to start the week, but it shouldn't be of much concern. Look for details on all of next week's activities and holiday 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...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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