consumer confidence index
Daily Mortgage Rate Lock Advisory – Tuesday Nov. 25th
Rate Lock Advisory – Tuesday Nov. 25th
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Tuesday’s bond market has opened sharply higher following more bailout news from the Fed that is being received as very favorable for bonds and mortgage rates. The stock markets are in negative territory with the Dow down 5 points and the Nasdaq down 18 points. The bond market is currently up 50/32, which will likely improve this morning’s mortgage rates by approximately .750 of a discount point over yesterday’s rates.
There were two important pieces of economic data released this morning, giving us mixed results. The first revision to the 3rd Quarter Gross Domestic Product (GDP) came in at ?0.5%, which was close to latest forecasts. This means that economic activity during the 3rd quarter was weaker than analysts had predicted last month but close to their latest projections. Accordingly, this data has not had much of an impact on this morning’s mortgage rates.
November’s Consumer Confidence Index (CCI) was also released this morning, showing a reading of 44.9. This was much higher than the 39.5 reading that was expected, indicating that consumers were more optimistic about their own financial situations than many had thought. This is considered negative news for bonds and mortgage rates because rising confidence usually means consumers are more apt to make large purchases in the near future.
Today’s news from the Fed amounts to a more direct support of the mortgage market than the previous moves. In short, the Fed is going to pump $600 billion directly into mortgage lending that should significantly increase cash flow to make new loans to homeowners and homebuyers. The previous announcements were directed more at shoring up the banking side of financial system and somewhat ignored the mortgage side. Today’s news is being considered great for future mortgage activity, and therefore, hopefully will help stabilize home prices.
There are four important reports scheduled to be posted tomorrow morning. October’s Durable Goods Orders is the first and will be posted early morning. This data helps us measure manufacturing strength by tracking orders for big-ticket items. It is expected to show a 2.5% drop in new orders. A larger decline would be good news for the bond market and mortgage rates.
The second is October’s Personal Income and Outlays data. This data is thought to measure consumers’ ability to spend and their current spending habits. It is expected to show that income rose 0.1% and that spending fell 0.7%. Smaller than expected readings would be good news for bonds and could lead to improvements in mortgage rates.
The revised November reading to the University of Michigan Index of Consumer Sentiment will also be posted late tomorrow morning. Analysts are expecting to see little change to the preliminary reading of 57.9. Unless we see a significant variance from the forecasted reading, I don’ t think this data will cause much movement in mortgage rates tomorrow.
The fourth is October’s New Home Sales, but I don’t expect it to have any impact on the bond or mortgage markets. Keep in mind that the bond market will close early tomorrow ahead of the Thanksgiving Day holiday, so we may see additional volatility as traders protect themselves over the long weekend. Many traders will by keeping a skeleton staff Friday, meaning tomorrow is really the last relevant trading day until Monday morning.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Daily Mortgage Rate Lock Advisory – Monday Nov. 24th
Rate Lock Advisory – Monday Nov. 24th
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Monday’s bond market has opened well into negative territory as investor interest turns back towards stocks. The stock markets are posting strong gains during morning trading with the Dow up 289 points and the Nasdaq up 52 points. The bond market is currently down 14/32, which will likely push this morning’s mortgage rates up slightly from Friday’s levels.
The National Association of Realtors reported this morning that home resales in the U.S. fell more than analysts had expected last month. This is fairly good news for bonds but since this data is not considered to be of high importance it has had little impact on today’s rates.
The first important data of the week comes early tomorrow morning when we will get the first revision to the 3rd Quarter Gross Domestic Product (GDP) reading. The GDP revision is expected to show a downward revision from last month’s preliminary reading of -0.3%. Current forecasts call for a reading of approximately -0.6 %, meaning that there was less economic growth during the third quarter than previously thought. This would be good news for the bond market and mortgage rates.
Late tomorrow morning, November’s Consumer Confidence Index (CCI) will be posted. The Conference Board will release the CCI for the month of November at 10:00 AM ET, giving us a measurement of consumer willingness to spend. If consumer confidence is rising, analysts believe that consumers are more apt to make larger purchases, essentially fueling economic growth. This raises inflation concerns and usually pushes mortgage rates higher. Analysts are expecting a small increase from last month’s 38.0 reading to somewhere around 39.5. A weaker than expected reading should be good news for mortgage rates, but a stronger than expected reading could push mortgage rates higher tomorrow.
Overall, I believe that it is going to be an active week for the mortgage market. Today or Friday will be the least i mportant day of the week and either tomorrow or Wednesday will be the most important. The bond market will close early Wednesday and remain closed Thursday in observance of the Thanksgiving Day holiday. I still expect to see plenty of movement in rates the remaining days, so please be careful and maintain contact with your mortgage professional if you have not locked an interest rate yet.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Float if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Daily Mortgage Rate Lock Advisory – Sunday Nov. 23th
Rate Lock Advisory – Monday Nov. 24th
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This holiday-shortened week brings us the release of an abundance of economic reports for the markets to digest. There are seven reports on the calendar with several being considered to be of high importance to the bond market and mortgage rates. With multiple moderately or highly important reports due out more than one day this week, we will likely see a fair amount of movement in mortgage rates day to day.
October’s Existing Home Sales data will be posted late this morning. This report, along with Wednesday’s New Home Sales data are the least important reports of the week. They give us a measurement of housing sector strength and mortgage credit demand, but the bond market generally does not rely heavily on their results.
The first important data comes early tomorrow morning brings us the first revision to the 3rd Quarter Gross Domestic Product (GDP) reading. The GDP revision is expected to show a downward revision from last month’s preliminary r eading of -0.3%. Current forecasts call for a reading of approximately -0.6%, meaning that there was less economic growth during the third quarter than previously thought. This would be good news for the bond market and mortgage rates.
Late tomorrow morning, November’s Consumer Confidence Index (CCI) will be posted. The Conference Board will release the CCI for the month of November at 10:00 AM ET, giving us a measurement of consumer willingness to spend. If consumer confidence is rising, analysts believe that consumers are more apt to make larger purchases, essentially fueling economic growth. This raises inflation concerns and usually pushes mortgage rates higher. Analysts are expecting a small increase from last month’s 38.0 reading to somewhere around 39.5. A weaker than expected reading should be good news for mortgage rates, but a stronger than expected reading could push mortgage rates higher Tuesday.
There are four importan t reports scheduled to be posted Wednesday morning. October’s Durable Goods Orders is the first and will be posted early morning. This data helps us measure manufacturing strength by tracking orders for big-ticket items. It is expected to show a 2.5% drop in new orders. A larger decline would be good news for the bond market and mortgage rates.
The second is October’s Personal Income and Outlays data. This data is thought to measure consumers’ ability to spend and their current spending habits. It is expected to show that income rose 0.1% and that spending fell 0.7%. Smaller than expected readings would be good news for bonds and could lead to improvements in mortgage rates.
The revised November reading to the University of Michigan Index of Consumer Sentiment will also be posted late Wednesday morning. Analysts are expecting to see little change to the preliminary reading of 57.9. Unless we see a significant variance from the fore casted reading, I don’t think this data will cause much movement in mortgage rates Wednesday.
Overall, I believe that it is going to be an active week for the mortgage market. Today or Friday will be the least important day of the week and either Tuesday or Wednesday will be the most important. The bond market will close early Wednesday and remain closed Thursday in observance of the Thanksgiving Day holiday. I still expect to see plenty of movement in rates the remaining days, so please be careful and maintain contact with your mortgage professional if you have not locked an interest rate yet.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Float if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financi ng a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Tuesday Oct. 28th
Rate Lock Advisory – Tuesday Oct. 28th
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Tuesday’s bond market has opened well in negative territory despite a new record low reading on consumer confidence. The stock markets are showing sizable gains as investors speculate about another Fed rate cut tomorrow. The Dow is currently up 115 points while the Nasdaq has gained 9 points. The bond market is currently down 22/32, which with yesterday’s late weakness will push this morning’s mortgage rates higher by approximately .750 of a discount point.
The Conference Board reported late this morning that their Consumer Confidence Index (CCI) fell this month to its lowest reading ever. The reading of 38.0 was significantly lower than the 52.0 that was forecasted and indicates that consumers are too concerned about their own financial situations to make large purchases in the near future. This is actually favorable data for the bond market and mortgage rates, but traders are preparing for tomorrow’s FOMC meeting and reacting to this morning’s stock gain s. This has prevented bonds from moving higher as a result of this report.
The week’s FOMC meeting began today and will adjourn tomorrow afternoon. There is now a pretty large consensus that the Fed will lower key short-term interest rates at this meeting, but what is being debated is the size of the cut. Some analysts are calling for a .750 cut while the majority think a half-point reduction is coming. This makes the post meeting statement even more important than usual as traders will try to figure out if the Fed thinks this is the last cut or if they are prepared to make another in the future. The meeting will adjourn at 2:15 PM ET, so look for any reaction to come during afternoon trading.
Tomorrow also brings us the release of some important economic data. The Commerce Department will post Durable Goods Orders for September at 8:30 AM tomorrow. This report gives us a measurement of manufacturing sector strength by tracking orders at U.S. factor ies for big-ticket items. Analysts are currently calling for a drop in new orders of approximately 1.0%. If we see a smaller than expected decline in orders, mortgage rates will probably rise as bond prices fall. A weaker than expected reading should be good news for the bond market and mortgage rates, but this data can be quite volatile from month to month and is difficult to forecast.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Monday Oct. 27th
Rate Lock Advisory – Monday Oct. 27th
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Monday’s bond market has opened fairly flat with the stock markets mixed and despite stronger than expected economic news. The stock markets are in another volatile session after the international markets that had another significant sell-off. The Dow is moving in a range of 250 points between its high and low of the morning, but currently stands up 30 points. The Nasdaq is also fluctuating between positive and negative ground and is currently down 6 points. The bond market is up 2/32, but we will likely see an increase in this morning’s mortgage rates of approximately .125 – .250 of a discount point due to movements late Friday.
Today’s only economic data is the week’s least important. September’s New Home Sales report was posted late this morning, showing an increase in sales of 2.7% when it was expected to reveal another decline. However, offsetting that increase was a downward revision to August’s sales figures. Still, this data is not considered to be of high importance and has not influenced bond trading or mortgage rates today.
Tomorrow morning brings us the release of the Consumer Confidence Index (CCI) for the month of October. This Conference Board index will be posted at 10:00 AM and gives us a measurement of consumer willingness to spend. It is expected to show a sizable decline in confidence from last month’s 59.8 reading, indicating that consumers are less likely to make large purchases in the near future. As long as the reading doesn’t exceed the forecasted 52.0, we will likely see the bond market react favorably to this report. This data is watched closely because consumer spending makes up two-thirds of the U.S. economy.
The week’s FOMC meeting is a two-day meeting that begins tomorrow and adjourns Wednesday afternoon. Assuming the Fed stands pat and leaves rates unchanged, traders will be looking at the post-meeting statement for any indication of the Fed’s next move. Since there is a fair amount of uncertainty and a lack of a strong consensus of what the Fed will do here, the move itself, if it happens, will likely cause plenty of volatility in addition to the post-meeting statement. The meeting will adjourn at 2:00 PM Wednesday, so look for quite a bit of volatility during afternoon hours.
Overall, it is difficult to peg a single day of the week as being the most important but I am expecting to see plenty of movement in rates this week. The data being posted tomorrow, Wednesday and Thursday is all very important to the markets. The FOMC meeting is the single most important event of the week, but we may see noticeable movement in mortgage rates several days this week. Accordingly, please maintain contact with your mortgage professional.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my clo sing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Sunday Oct. 26th
Rate Lock Advisory – Sunday Oct. 26th
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This week is packed with economic releases and major events that will likely lead to a fair amount of volatility in the markets and mortgage pricing. There are seven reports scheduled for release along with another FOMC meeting. The first of the week’s news comes late tomorrow morning with the release of September’s New Home Sales. This data covers the remaining 15% of home sales that last week’s Existing Home Sales report tracked and is this week’s least important data. It is expected to show a decline in sales, but regardless of its results I am not expecting it to have a significant impact on mortgage rates tomorrow.
The first important data will be posted Tuesday morning with the release of the Consumer Confidence Index (CCI) for the month of October. This Conference Board index will be posted at 10:00 AM and gives us a measurement of consumer willingness to spend. It is expected to show a sizable decline in confidence from last month’s 59.8 reading, ind icating that consumers are less likely to make large purchases in the near future. As long as the reading doesn’t exceed the forecasted 52.0, we will likely see the bond market react favorably to this report. This data is watched closely because consumer spending makes up two-thirds of the U.S. economy.
The week’s FOMC meeting is a two-day meeting that begins Tuesday and adjourns Wednesday afternoon. Assuming the Fed stands pat and leaves rates unchanged, traders will be looking at the post-meeting statement for any indication of the Fed’s next move. Since there is a fair amount of uncertainty and a lack of a strong consensus of what the Fed will do here, the move itself, if it happens, will likely cause plenty of volatility in addition to the post-meeting statement. The meeting will adjourn at 2:00 PM Wednesday, so look for quite a bit of volatility during afternoon hours.
Wednesday morning, the Commerce Department will post Durable Goods Orders for September. This report gives us a measurement of manufacturing sector strength by tracking orders at U.S. factories for big-ticket items. Analysts are currently calling for a drop in new orders of approximately 1.0%. If we see a smaller than expected decline in orders, mortgage rates will probably rise as bond prices fall. A weaker than expected reading should be good news for the bond market and mortgage rates, but this data can be quite volatile from month to month and is difficult to forecast.
The next relevant data is the preliminary reading of the 3rd Quarter Gross Domestic Product (GDP) early Thursday morning. The GDP is considered to be the benchmark measurement of economic growth because it is the sum of all goods and services produced in the U.S. and therefore is likely to have a major impact on the financial markets and mortgage pricing. There are three versions of this report, each a month apart. Thursday’s release is the first and usually h as the biggest impact on the markets. Current forecasts call for a decline of approximately 0.5% in the GDP. If this report does show a decline, I am expecting to see the bond market rally and mortgage rates to fall.
There are three reports scheduled for release Friday. The first is the 3rd Quarter Employment Cost Index (ECI), which tracks employer costs for salaries and benefits. Rapidly rising costs raises wage inflation concerns and may hurt bond prices. It is expected to show an increase in costs of 0.7%. A smaller than expected increase would be good news for bonds and mortgage rates.
September’s Personal Income and Outlays report will also be posted early Friday. This data gives us an indication of consumer ability to spend and current spending habits. It is important to the markets because consumer spending makes up two-thirds of the U.S. economy. Rising income generally indicates that consumers have more money to spend, making econ omic growth more of a possibility. This is bad news for the bond market and mortgage rates because it raises inflation concerns, making long-term securities such as mortgage related bonds less attractive to investors. Analysts are expecting to see an increase of 0.1% in income and decline in outlays of 0.2%.
The week’s last report comes at 10:00 AM ET Friday when the University of Michigan updates their Index of Consumer Sentiment for this month. Current forecasts show this index remaining nearly unchanged from this month’s preliminary reading of 57.5. This index is important because it helps us measure consumer confidence, which is believed to indicate consumers’ willingness to spend. Since consumer spending makes up two-thirds of the U.S. economy, any related data is considered to be important.
Overall, it is difficult to peg a single day of the week as being the most important. The data being posted Tuesday, Wednesday and Thursday is a ll very important to the markets. The FOMC meeting is the single most important event of the week, but we may see noticeable movement in mortgage rates several days this week. Accordingly, please maintain contact with your mortgage professional.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Tuesday Sep. 30th
Rate Lock Advisory – Tuesday Sep. 30th
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Tuesday’s bond market has well in negative territory following a stock rebound that has shifted funds back away from bonds. The stock markets are rebounding after yesterday’s walloping with the Dow up 260 points and the Nasdaq up 30 points. This means that the major stock indexes have recovered approximately one-third of yesterday’s losses. The bond market benefited form yesterday’s stock sell-off but is suffering today as investors move funds back into stocks. The result is the bond market down 13/32 that will likely push this morning’s mortgage rates higher by approximately .250 of a discount point.
Today’s only economic news was September’s Consumer Confidence Index (CCI). It showed a reading of 59.8 that was much higher than forecasts had called for. Analysts were expecting to see a reading of 55.0, meaning that consumers had more confidence in their own financial situation than was expected. This is considered bad news for bonds and mortgage rates because it indicates that consumers are more willing to make large purchases in the near future.
Tomorrow only relevant data is the Institute for Supply Management’s (ISM) manufacturing index for September. This index gives us an indication of manufacturer sentiment. Analysts are expecting to see a 0.4 decline from last month’s 49.9 reading. The 50.0 benchmark is extremely important because a reading below that level means more surveyed executives felt business worsened than those who said it had improved. This data is important not only because it measures manufacturer sentiment, but it is very recent data. Some economic releases track data that are 30-60 days old, but the ISM index is only a few weeks old. If we get a smaller than expected reading, I expect to see the bond market rally and mortgage rates fall tomorrow morning.
We need to keep an eye on the stock markets and Fed bailout attempt. I don’t think we will see much come today as the markets take a breather, but we probably will see more volatility in stocks before the end of the week. This could affect bond prices and mortgage rates. Generally speaking, look for stock weakness to lead to bond gains and lower mortgage rates as investors move funds into the safety of bonds. If the stock markets continue to move higher, we should see bonds suffer and mortgage rates move higher.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Monday Sep. 29th
Rate Lock Advisory – Monday Sep. 29th
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Monday’s bond market has opened up sharply following another stock sell-off that has made the safety of bonds more attractive to investors. The stock markets are showing sizable losses following weekend news of another potential bank issue that has the Dow down 286 points and the Nasdaq down 83 points. The bond market is currently up 37/32, which will likely improve this morning’s mortgage rates by approximately .250 – .375 of a discount point.
Today’s only relevant economic news was August’s Personal Income and Outlays data. It showed that personal income rose more than expected with a 0.5% jump. This was bad news for bonds because it indicates that consumers have more income to spend. However, offsetting that reading was the spending portion of the report that showed no change in spending between July and August. This is good news since the reports was expected to show a 0.2% increase in spending.
Tomorrow’s big news is the Consumer Confidence Index (CCI) for September. This Conference Board index will be posted at 10:00 AM and gives us a measurement of consumer willingness to spend. It is expected to show a decline from last month’s reading, indicating that consumers are less likely to make large purchases in the near future. This is good news for the bond market and mortgage rates. Analysts are calling for a reading of approximately 55.0, down from August’s 56.9. If we see a larger than expected decline, we should see the bond market move higher and mortgage rates drop tomorrow.
The Institute for Supply Management (ISM) will post their manufacturing index for September late Wednesday morning. This index gives us an indication of manufacturer sentiment. Analysts are expecting little change from last month’s 49.9 reading. The 50.0 benchmark is extremely important because a reading below that level means more surveyed executives felt business worsened than those who said it had improved. This data is important not only because it measures manufacturer sentiment, but it is very recent data. Some economic releases track data that are 30-60 days old, but the ISM index is only a few weeks old. If we get a smaller than expected reading, I expect to see the bond market rally and mortgage rates fall Wednesday morning.
Overall, it is going to be a very active week in the markets and mortgage rates. The most important day will likely be Friday due to the employment report being scheduled, but tomorrow and Wednesday’s data can also fairly heavily influence mortgage rates. With important data being released each day of the week, and what appears to be another volatile week in stocks, I would recommend maintaining contact with your mortgage professional.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Rate Lock Advisory – Sunday Sep. 28th
Rate Lock Advisory – Sunday Sep. 28th
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This week brings us the release of five monthly economic reports for the bond market to digest. August’s Personal Income and Outlays is the week’s first data and will be released tomorrow morning. It gives us an indication of consumer ability to spend and current spending habits. This is important to the markets because consumer spending makes up two-thirds of the U.S. economy. Rising income generally indicates that consumers have more money to spend, making economic growth more of a possibility. This is bad news for the bond market and mortgage rates because it raises inflation concerns, making long-term securities such as mortgage related bonds less attractive to investors. It is expected to show a 0.2% rise in income and a 0.2% increase in spending.
The next is Tuesday’s Consumer Confidence Index (CCI) for September. This Conference Board index will be posted at 10:00 AM and gives us a measurement of consumer willingness to spend. It is expected to show a decline from last month’s reading, indicating that consumers are less likely to make large purchases in the near future. This is good news for the bond market and mortgage rates. Analysts are calling for a reading of approximately 55.0, down from August’s 56.9. If we see a larger than expected decline, we should see the bond market move higher and mortgage rates drop Tuesday.
The Institute for Supply Management (ISM) will post their manufacturing index for September late Wednesday morning. This index gives us an indication of manufacturer sentiment. Analysts are expecting little change from last month’s 49.9 reading. The 50.0 benchmark is extremely important because a reading below that level means more surveyed executives felt business worsened than those who said it had improved. This data is important not only because it measures manufacturer sentiment, but it is very recent data. Some economic releases track data that are 30-60 days old, but the ISM index is o nly a few weeks old. If we get a smaller than expected reading, I expect to see the bond market rally and mortgage rates fall Wednesday morning.
The next release is Thursday when the Commerce Department will post August’s Factory Orders data. This manufacturing sector report is similar to last week’s Durable Goods Orders release, but includes orders for non-durable goods. It can usually impact the financial markets enough to change mortgage rates if it varies from forecasts by a wide margin. Current forecasts are calling for a decline in new orders of approximately 1.8%. An unexpected rise could drive mortgage rates higher, while a weaker than expected reading should push them lower Thursday.
The Labor Department will post September’s Employment report early Friday morning. This report will reveal the U.S. unemployment rate, number of new payrolls added and average hourly earnings. These are considered to be very important readings of the employment se ctor and can have a huge impact on the financial markets. The ideal scenario for the bond market is rising unemployment, falling payrolls and a drop in earnings.
Weaker than expected readings should help boost bond prices and lower mortgage rates Friday. However, stronger then forecasted readings could be disastrous for mortgage pricing. Analysts are expecting to see the unemployment rate 6.1%, a decline in new payrolls of approximately 90,000 and a 0.3% increase in earnings.
Overall, it is going to be a very active week in the markets and mortgage rates. The most important day will likely be Friday due to the employment report being scheduled, but Tuesday’s and Wednesday’s data can also fairly heavily influence mortgage rates. With important data being released each day of the week, I would recommend maintaining contact with your mortgage professional.
If I were considering financing/refinancing a home, I would…. Loc k if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Daily Rate Lock Recommendation – 07/29/2008 12:20:00 PM EST
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