March 3rd, 2017 4:23 PM by T. Fanning
Last Updated: 3/3/17Friday's bond market has opened in negative territory again. The major stock indexes calm at this point, but they have been active during afternoon trading several days this week. Currently, the Dow is down 8 points while the Nasdaq is down 6 points. The bond market is currently down 5/32 (2.49%), which should keep this morning's mortgage rates very close to yesterday's early pricing.There is no important economic data being released today that is likely to affect mortgage rates. This week's bond weakness has the benchmark the 10-year Treasury Note yield testing 2.50% again. If it breaks above, we will likely be in for more increases to mortgage rates in the immediate future. On the other hand, if it moves away from that threshold like last time, rates should move lower in the coming days. I think we need to turn towards stocks for guidance. The Dow broke above 21,000 before slipping below this morning. There is an argument to be made that stocks are due for a pullback. If that is the case, then there is a decent chance of seeing bond yields and mortgage pricing move lower.Next week has only a few reports set to be released, but one of those is the almighty monthly Employment report. We do have data coming Monday with January's Factory Orders report at 10:00 AM ET. It is only moderately important, but can affect mortgage rates if it shows a noticeable variance from forecasts. Look for details on it and the rest of next week's 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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