Daily Mortgage Rate Lock Advisory

Tuesday’s bond market has opened down slightly despite the release of weaker than expected economic news. The stock markets have recovered some of yesterday’s losses with the Dow up 54 points and the Nasdaq up 15 points. The bond market is currently down 3/32, which should keep this morning’s mortgage rates at yesterday’s morning levels.

The Labor Department gave us July’s Producer Price Index (PPI) this morning, saying that the overall index fell 0.9% and that the core data reading fell 0.1%. Analysts had predicted a 0.2% decline in the overall reading and a 0.1% rise in the core data. This means that prices at the producer level of the economy were much weaker than expected. That indicates that inflationary pressures at that level are not a concern at the moment, making long-term securities such as mortgage related bonds more attractive to investors. Unfortunately, traders seem to be more concerned with the stock markets than today’s economic news.

The second report of the day was also favorable for bonds, but it is much less important than the PPI reading. The Commerce Department said that starts of new homes fell last month, hinting that the housing sector may not be as ready to recover as some analysts had thought. Many market participants were expecting to see an increase in stats of new homes. A weak housing sector if favorable to bonds because it makes a broader economic recovery less likely in the immediate future.

There is no relevant economic data scheduled for release tomorrow, so look for the stock markets to again influence bond trading and mortgage pricing. If the stock markets can hold this morning’s gains and move higher tomorrow morning, there is a pretty good possibility of seeing mortgage rates inch higher tomorrow. But if we see stock weakness, bonds may benefit, pushing mortgage rates lower.

Thursday’s primary data is July’s Leading Economic Indicators (LEI) from the Conference Board. This index attempts to measure economic activity over the next three to six months and is considered to be moderately important. A higher than expected reading is bad news for the bond market because it indicates that the economy may be strengthening more than thought. However, a weaker than expected reading means that the economy may not grow as much as predicted, making stocks less appealing to investors. This also eases inflation concerns in the bond market and could lead to slightly lower mortgage rates Thursday if the stock markets remain calm. Current forecasts are calling for an increase of 0.6% in the index, indicating economic growth over the next couple of months.

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.

Monday’s bond market has opened in positive territory following early stock selling. The stock markets are following several international markets that posted losses during overnight trading. The Dow is currently down 188 points while the Nasdaq has fallen 51 points. This has helped push the bond market up 22/32 as investors seek safe-haven from falling stock prices. However, the impact on this morning’s mortgage rates has been fairly minimal. We will likely see little change from Friday’s morning rates due to volatility in trading late Friday.

There is no relevant economic data scheduled for release this morning. The rest of the week brings us the release of four reports that may influence mortgage rates, but only one of them is considered to be highly important. With no relevant auctions or speeches on tap, I suspect we will see much less movement in mortgage rates this week compared to the past couple of weeks.

There are two reports scheduled to be posted tomorrow morning. The first is July’s Producer Price Index (PPI) that gives us an indication of inflation at the producer level of the economy. There are two readings in the report- the overall index and the core data reading. The core data is more important because it excludes more volatile food and energy prices that can change significantly from month to month. Current forecasts call for a decline of 0.2% in the overall and a 0.1% increase in the core data reading. A larger increase in the core data could push mortgage rates higher tomorrow morning. If it reveals weaker than expected readings, we may see mortgage rates improve as a result.

The second report of the day is July’s Housing Starts data. This report gives us an indication of housing sector strength and mortgage credit demand. However, it isn’t considered to be of high importance to the bond market or mortgage pricing and usually doesn’t cause much movement in mortgage rates unless it varies greatly from forecasts. It is the least important of the week’s reports and is expected to show an increase in construction starts of new homes. The lower the number of starts the better the news for bonds as it would indicate a weaker than expected housing sector.

Overall, look for tomorrow to be the busiest day of the week due to the PPI being released. The rest of the week will likely be influenced more by stock prices than anything else, which may be quite volatile. Therefore, keep an eye on the markets and maintain contact with your mortgage professional if you have not locked an interest rate yet.

If I were considering financing or 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 or any other borrowers.

This week brings us the release of four reports that may influence mortgage rates, but only one of them is considered to be highly important. With no relevant auctions or speeches on tap, I suspect we will see much less movement in mortgage rates this week compared to the past couple of weeks. There is no relevant data scheduled for release tomorrow, so look for the stock markets to drive bond trading and mortgage rates.

There are two reports scheduled to be posted Tuesday morning. The first is July’s Producer Price Index (PPI) that gives us an indication of inflation at the producer level of the economy. There are two readings in the report- the overall index and the core data reading. The core data is more important because it excludes more volatile food and energy prices that can change significantly from month to month. Current forecasts call for a decline of 0.2% in the overall and a 0.1% increase in the core data reading. A larger increase in the core data could push mortgage rates higher Tuesday morning. If it reveals weaker than expected readings, we may see mortgage rates improve as a result.

The second report of the day is July’s Housing Starts data. This report gives us an indication of housing sector strength and mortgage credit demand. However, it isn’t considered to be of high importance to the bond market or mortgage pricing and usually doesn’t cause much movement in mortgage rates unless it varies greatly from forecasts. It is the least important of the week’s reports and is e= xpected to show an increase in construction starts of new homes. The lower the number of starts the better the news for bonds as it would indicate a weaker than expected housing sector.

The Conference Board will give us the its Leading Economic Indicators (LEI) for July late Thursday morning. This index attempts to measure economic activity over the next three to six months and is considered to be moderately important. A higher than expected reading is bad news for the bond market because it indicates that the economy may be strengthening more than thought. However, a weaker than expected reading means that the economy may not grow as much as predicted, making stocks less appealing to investors. This also eases inflation concerns in the bond market and could lead to slightly lower mortgage rates Thursday if the stock markets remain calm. Current forecasts are calling for an increase of 0.6% in the index, indicating economic growth over the next couple of months.

July’s Existing Home Sales will close out the week’s data Friday morning. The National Association of Rea= ltors will release this report, giving us a measurement of housing sector strength. It covers approximately 85% of home sales in the U.S., but usually does not have a major influence on bond trading and mortgage rates unless it varies greatly from analysts’ forecasts. It is expected t= o show an increase from June’s sales, meaning the housing sector is strengthening.

Overall, look for Tuesday to be the busiest day of the week with the PPI being released. The rest of the week will likely be influenced more by stock prices than anything else, which may be quite volatile. Therefore, keep an eye on the markets 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…
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 Mar. 17th

Tuesday’s bond market has opened up slightly despite stronger than expected economic news. The stock markets have fluctuated between positive and negative territory during early morning as they look for direction. They are currently showing small gains with the Dow up 20 points and the Nasdaq up 17 points. The bond market is currently up 5/32, which will likely improve this morning’s mortgage rates by approximately .125 of a discount point.

Today’s big news came from the Labor Department who reported that February’s Producer Price Index (PPI) rose only 0.1% compared to a forecast of 0.4%. That was the good news because it means that inflationary pressures at the producer level of the economy were lower than thought. The bad news came from the core reading that excludes more volatile food and energy prices. It was expected to rise only 0.1% last month but actually rose 0.2%. This means that core prices were higher than analysts thought, but fortunately n ot enough to create a sell atmosphere in the bond market.

February’s Housing Starts were also released this morning, revealing an unexpected spike in construction starts of new homes. Today’s report showed a 22% jump in starts of new homes when analysts were expecting to see a decline for the ninth consecutive month. This surprise is good news for the housing market, which can be translated as bad news for bonds, but since it is considered one of the less important reports we see each month, its impact on today’s trading and mortgage rates has been minimal.

Tomorrow morning brings us the release of February’s Consumer Price Index (CPI), which measures inflationary pressures at the very important consumer level of the economy. Its results can definitely have a huge impact on the financial markets, especially long-term securities such as mortgage-related bonds. It is expected to show a 0.3% increase in the overall index and a 0.1% rise in the more impor tant core data. If we see weaker than expected readings, bond prices should rise and mortgage rates would likely fall tomorrow.

The FOMC meeting that began today and will adjourn at 2:00 PM ET tomorrow. With key short-term interest rates practically at 0% already, there is not much the Fed can do with monetary policy at this meeting. They have previously stated that they expect rates to remain near zero for some time. Therefore, the anxiety of the post-meeting statement should be minimal and the likelihood of a major market reaction to the statement is reduced significantly. If the statement references a time frame of an economic recovery, we may see the markets react if it reveals any surprises. Other than that, I am not expecting too much movement in mortgage rates tomorrow afternoon.

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 2 0 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.
©Mortgage Commentary 2009

Rate Lock Advisory – Monday Mar. 16th

Monday’s bond market has opened flat with the stock markets mixed during early trading. The Dow is currently up 48 points while the Nasdaq has lost 9 points. The bond market is currently nearly unchanged from Friday’s close, but we will still likely see an increase in this morning’s mortgage rates of approximately .250 of a discount point due to weakness Friday.

Today’s only relevant economic news was February’s Industrial Production report. It showed a drop in output at U.S. factories, mines and utilities of 1.4% last month. This was a little weaker than expected but indicates that manufacturing activity was slightly softer than thought. That is good news for bonds and mortgage rates, but not enough to spur a bond rally.

The Labor Department will post February’s Producer Price Index (PPI) early tomorrow morning. This index measures inflationary pressures at the producer level of the economy. There are two portions of the index- the overall rea ding and the core data. The core data is more important and watched more closely because it excludes more volatile food and energy prices. If the index shows a large increase, inflation concerns may rise, making long-term investments such as mortgage-related bonds less attractive to investors. This would lead to higher mortgage rates tomorrow morning. Current forecasts are calling for a 0.4% rise in the overall reading and a 0.1% increase in the core data.

Also tomorrow is the release of February’s Housing Starts, but it will likely not have much of an impact on mortgage rates. It gives us a measurement of housing sector strength and future mortgage credit demand, but is usually considered to be of low importance to the financial markets. It is expected to show a decline in new starts from January to February.

Overall, look for Wednesday to be the most important day of the week due to the CPI release. Tomorrow may also be an active day for rates with t he PPI on tap. But the wildcard is whether stocks continue last week’s gains or if they move lower again. Stock strength would likely draw funds from bonds and lead to higher mortgage rates. However, if the major indexes fall again, funds may shift into bonds, leading to lower mortgage rates.

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.
©Mortgage Commentary 2009

Rate Lock Advisory – Sunday Mar. 15th

This week brings us the release of five relevant economic reports along with an FOMC meeting for the markets to digest. The first piece of data will come mid-morning tomorrow when February’s Industrial Production report is posted. This report measures manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to show a 1.2% drop in output. A larger decline would be considered favorable news for bonds and mortgage rates.

The Labor Department will post February’s Producer Price Index (PPI) early Tuesday morning. This index measures inflationary pressures at the producer level of the economy. There are two portions of the index- the overall reading and the core data. The core data is more important and watched more closely because it excludes more volatile food and energy prices. If the index shows a large increase, inflation concerns may rise, making long-term investments such as mortgage-related bonds less attractiv e to investors. This would lead to higher mortgage rates Tuesday morning. Current forecasts are calling for a 0.4% rise in the overall reading and a 0.1% increase in the core data.

Also Tuesday is February’s Housing Starts, but it will likely not have much of an impact on mortgage rates. It gives us a measurement of housing sector strength and future mortgage credit demand, but is usually considered to be of low importance to the financial markets. It is expected to show a decline in new starts from January to February.

February’s Consumer Price Index (CPI) will be released Wednesday, which measures inflationary pressures at the very important consumer level of the economy. Its results can definitely have a huge impact on the financial markets, especially long-term securities such as mortgage-related bonds. It is expected to show a 0.3% increase in the overall index and a 0.1% rise in the more important core data. If we see weaker t han expected readings, bond prices should rise and mortgage rates would likely fall Wednesday.

The FOMC meeting that begins Tuesday and will adjourn Wednesday at 2:00 PM ET. With key short-term interest rates practically at 0% already, there is not much the Fed can do with monetary policy at this meeting. They have previously stated that they expect rates to remain near zero for some time. Therefore, the anxiety of the post-meeting statement should be minimal and the likelihood of a major market reaction to the statement is reduced significantly. If the statement references a time frame of an economic recovery, we may see the markets react if it reveals any surprises. Other than that, I am not expecting too much movement in mortgage rates Wednesday afternoon.

The Conference Board will post its Leading Economic Indicators (LEI) for February late Thursday morning. This index attempts to measure economic activity over the next three to six months. Cur rent forecasts are calling for a 0.6% decline, indicating that economic activity will likely slow in the coming weeks. This would be good news for the bond market and mortgage rates.

Overall, look for Wednesday to be the most important day of the week due to the CPI release. Tuesday may also be an active day for rates with the PPI on tap. But the wildcard is whether stocks continue last week’s gains or if they move lower again. Stock strength would likely draw funds from bonds and lead to higher mortgage rates. However, if the major indexes fall again, funds may shift into bonds, leading to lower mortgage rates.

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.
©Mortgage Commentary 2009

Rate Lock Advisory – Thursday Feb. 19th

Thursday’s bond market has opened well into negative territory following the release of much stronger than expected economic data. The stock markets are relatively flat with the Dow and Nasdaq both down 2 points. The bond market is currently down 19/32, which will likely push this morning’s mortgage rates higher by approximately .125 – .250 of a discount point.

Both of today’s monthly reports gave us stronger than expected results. The first and more important of the two was January’s Producer Price Index (PPI) from the Labor Department. They announced a 0.8% jump in the overall reading and a 0.4% rise in the core data when they were expected to show 0.3% and 0.1% increases respectively. This means that prices paid at the producer level of the economy rose much more than expected. That is considered bad news for bonds and mortgage rates because it raises inflation concerns that make bonds less appealing to investors.

The second piece of data p osted this morning was January’s Leading Economic Indicators (LEI). This Conference Board report attempts to predict economic activity over the next three to six months and showed an increase of 0.4% compared to the 0.1% increase that latest forecasts were calling for. This means that the data is predicting economic activity to increase over the next few months at a faster pace than analysts had thought. This is negative news for bonds and mortgage rates.

The Labor Department also posted weekly unemployment figures, showing that 627,000 new claims for benefits were filed last week. This matched the previous week’s revised total but was higher than expected. The higher total of claims is good news for bonds, but since it tracks only a week’s worth of claims it is not considered to be of high importance to the markets, especially with the inflation related readings being posted this morning.

The Labor Department will also release January’s Consumer Pr ice Index (CPI) early tomorrow morning, which measures inflationary pressures at the very important consumer level of the economy. With exception to maybe the Employment report, the CPI is the most important report that we see each month. Its results can have a huge impact on the financial markets, especially long-term securities such as mortgage-related bonds. It is expected to show a 0.3% increase in the overall index and a 0.1% rise in the more important core data. If we see weaker than expected readings, bond prices should rise and mortgage rates would likely fall.

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 c annot be guaranteed to be in the best interest of all/any other borrowers.

Rate Lock Advisory – Wednesday Feb. 18th

Wednesday’s bond market has opened in negative territory despite the release of weaker than expected economic data. The stock markets are showing small gains with the Dow up 21 points and the Nasdaq up 9 points. The bond market is currently down 6/32, which will likely push this morning’s mortgage rates higher by approximately .125 – .250 of a discount point.

Both of today’s factual economic reports gave us weaker than expected results. The first was January’s Housing Starts that tracks starts of new home construction. It revealed a decline of almost 17% in starts, bringing the total down to a record low. This gives us another indication that the housing market has not bottomed-out and that we could see further weakness in near future. This is considered good news for bonds because weak housing helps support a theory of a weakening economy.

January’s Industrial Production data was also posted this morning, showing a 1.8% drop in manufacturing output. This was a larger decline than the 1.4% that was expected and along with a downward revision to December’s output, indicates that the manufacturing sector is still slowing. This is another favorable indicator for bonds and mortgage rates.

The minutes from the last FOMC meeting will be released later today. Traders will be looking for any indication of the Fed’s next move regarding monetary policy. They will be released at 2:00 PM ET, therefore, any reaction will come during afternoon trading. However, with little likelihood of the Fed making a change to key short-term rates anytime soon, these minutes will likely not heavily influence trading or lead to a change in mortgage rates during afternoon trading.

The Labor Department will post their Producer Price Index (PPI) for January early tomorrow morning. It measures inflationary pressures at the producer level of the economy. There are two portions of the report that analysts watch- the overal l reading and the core data reading. The core data is more important to market participants because it excludes more volatile food and energy prices. It is expected to show an increase of 0.2% in the overall reading and a 0.1% rise in the core data. Good news for bonds would be a decline in both readings, particularly the core data.

Also tomorrow morning will be the release of the Leading Economic Indicators (LEI) for January. This Conference Board report attempts to predict economic activity over the next three to six months. It is expected to show no change, meaning that economic activity may be flat in the near future. A decline would be good news for the bond market and mortgage rates.

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 t aking 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 Feb. 15th

There are five economic reports worth watching this week that are likely to affect mortgage rates in addition to the minutes from the last FOMC meeting. The financial markets are closed tomorrow in observance of the President’s Day Holiday and will reopen Tuesday morning. You may find some lenders to be open for business tomorrow, but I would not expect to see new rates issued until Tuesday.

Wednesday brings us three releases, including the week’s least important of the five economic reports. January’s Housing Starts will be posted early Wednesday morning, giving us an indication of housing sector strength and mortgage credit demand. It usually does not affect rates unless it varies greatly from forecasts. Current forecasts are calling for a decline in starts of new housing.

January’s Industrial Production data will be released mid-morning Wednesday. It gives us a measurement of manufacturing sector strength by tracking ou tput at U.S. factories. Mines and utilities and can have a moderate impact on the financial markets. Analysts are expecting to see 1.4% decline in production from December to January. A larger than expected decline in output would be good news and should push bond prices higher, lowering mortgage rates Wednesday.

The minutes from last FOMC meeting will be released Wednesday afternoon. Traders will be looking for any indication of the Fed’s next move regarding monetary policy. They will be released at 2:00 PM ET, therefore, any reaction will come during afternoon trading. However, with little likelihood of the Fed making a change to key short-term rates anytime soon, these minutes will likely not heavily influence trading or lead to a change in mortgage rates Wednesday afternoon.

The Labor Department will post their Producer Price Index (PPI) for January early Thursday morning. It measures inflationary pressures at the producer level of the economy. There are two portions of the report that analysts watch- the overall reading and the core data reading. The core data is more important to market participants because it excludes more volatile food and energy prices. It is expected to show small increases in both readings, indicating that inflation is not a threat. Good news for bonds would be a decline in both readings, particularly the core data.

Also Thursday morning will be the release of the Leading Economic Indicators (LEI) for January. This Conference Board report attempts to predict economic activity over the next three to six months. It is expected to show no change, meaning that economic activity may be flat in the near future. A decline would be good news for the bond market and mortgage rates.

The Labor Department will release January’s Consumer Price Index (CPI) at 8:30 AM ET Friday, which measures inflationary pressures at the very important consumer le vel of the economy. With exception to maybe the Employment report, the CPI is the most important report that we see each month. Its results can have a huge impact on the financial markets, especially long-term securities such as mortgage-related bonds. It is expected to show a 0.3% increase in the overall index and a 0.1% rise in the more important core data. If we see weaker than expected readings, bond prices should rise and mortgage rates would likely fall.

Overall, the most important day of the week will likely be Friday with the CPI being released, but Wednesday and Thursday may also be active days for mortgage rates. Tuesday’s opening will also be interesting with it being the first trading day since the approval of the President’s economic stimulus package. In other words, be prepared for an active week in the markets and mortgage rates.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking pla ce 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 – Thursday Jan. 15th

Thursday’s bond market has opened fairly flat despite another round of sizable stock losses. The stock markets are continuing yesterday’s selling with the Dow down 171 points and the Nasdaq down 25 points. The bond market is currently down 2/32, which will likely push this morning’s mortgage rates higher by approximately .125 – .250 of a discount point.

The Labor Department gave us two pieces of economic news this morning. The first was the Producer Price Index (PPI) for December that revealed a decline of 1.9% in the overall reading. This matched forecasts, but the more important core reading that excludes more volatile food and energy prices rose 0.2% when it was expected to rise 0.1%. This indicates that prices at the producer level of the economy that do not include food or energy rose more than expected. That basically is bad news for the bond market because rising prices raises inflation concerns and makes long-term securities such as mortgage-rela ted bonds less attractive to investors. However, tomorrow’s CPI reading that measures inflation at the consumer level of the economy is considered to be of more importance to the markets.

The second Labor Department release today was last week’s initial unemployment claims filings. They reported that 524,000 new claims for benefits were filed last week, exceeding forecasts of 503,000. But since this data is a weekly reading, its results usually do not have much of an impact on the markets or mortgage pricing.

There are three relevant reports on the agenda for tomorrow. The first is December’s Consumer Price Index (CPI). This is also one of the most important monthly reports that we see since it measures inflationary pressures at the consumer level of the economy. The overall index is expected to fall 1.0% while the core data is expected to increase 0.1%. Weaker than expected readings should lead to bond improvements and lower mortgage rates tomorrow since this is the most important of the three.

December’s Industrial Production report is the second report to be posted tomorrow. It will be released at 9:15 AM ET and measures output at U.S. factories, mines and utilities. This gives us a good indication of manufacturing sector strength or weakness. Current forecasts are calling for a decline of 0.8% from November’s production. A larger than expected drop would be good news and should lead to lower mortgage rates Friday as long as the CPI doesn’t reveal any surprises.

The final report of the week is January’s preliminary reading to the University of Michigan’s Index of Consumer Sentiment. This index measures consumer willingness to spend and can usually have enough of an impact on the financial markets to change mortgage rates. Good news would be if it shows a reading weaker than the 60.0 that is expected. However, it is the week’s least important of the five releases and probably will have little im pact on tomorrow’s mortgage rates due to the importance of the CPI and production reports.

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.