June 9th, 2017 12:32 PM by T. Fanning
Last Updated: 6/9/17Friday's bond market has opened in negative territory with stocks looking to close the week with gains. The Dow is currently up 67 points while the Nasdaq is up 6 points. The bond market is currently down 9/32 (2.22%), which should push this morning's mortgage rates higher by approximately .125 of a discount point from Thursday's morning pricing.Yesterday's Senate testimony from former FBI Director James Comey was interesting although hardly the market mover everyone was expecting. We saw bonds stay within such a tight range that few, if any, major lenders revised pricing intraday yesterday. Whether the proceeding helped or hurt President Trump is up to opinions, but it just didn't have much of an impact on the financial or mortgage markets.There is nothing scheduled for today that is expected to affect mortgage rates. If we see another move in bonds or adjustment to mortgage rates, it likely will be a result of stocks extending this morning's gains or giving them up. It should be a fairly calm day for bonds and mortgage pricing, but a small intraday change is not out of the question considering this week's activity and what is coming next week.Next week is going to be another active one for the financial and mortgage markets, but this will be due to more traditional reasons. There are several important economic releases scheduled along with a couple of Treasury auctions that tend to influence mortgage rates and an afternoon of Fed events. The calendar shows something scheduled each day that is relevant to mortgage rates, although the most important events are set for mid-week.Unlike many Mondays, the new week kicks off with something that is worth watching. The week's activities start Monday afternoon with the results of the 10-year Treasury Note auction. Morning trading will probably be driven by stock movement, weekend news on political issues here and election-related events in England that may alter the speed of Britain exiting the European Union. Look for details on all of next week's events 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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