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If you are considering locking in an interest rate for a New York mortgage or a Florida mortgage, read this post.
Monday’s bond market has opened in positive territory following weekend news from overseas that has helped push stocks to early losses. The Dow is currently down 62 points while the Nasdaq has lost 10 points. The bond market is currently up 6/32, which will likely improve this morning’s mortgage rates by approximately .125 of a discount point.
There was no relevant economic news this morning, leaving bonds to be driven by stock movement. The major stock indexes are reflecting concerns about elections and political statements made overseas, particularly in France and Greece. Those events renewed concerns about the fiscal stability of those economies and what impact any changes could have on the global economy. In other words, it appears that the boat has been rocked. My initial thoughts had me believing this was going to be a great day for the bond and mortgage markets, leading me to shift away from the lock recommendations that were made last night. However, it now appears that the news has not been as influential on the markets as expected, at least not as of yet. Accordingly, I am relying on technicals of the bond market and its trading patterns to move back to a conservative approach towards mortgage rates, at least for the moment.
There are only three pieces of relevant economic data scheduled for release this week that may affect mortgage rates, in addition to two important Treasury auctions. The two most important reports will be posted Friday, meaning the markets will have to rely on factors other than economic news for direction most of the week. There is no relevant economic data due until Thursday, so expect the stock markets to continue to be a major influence on bond trading and mortgage rates until then.
Overall, it likely will be a moderately active week for mortgage rates. Besides the week's economic news, look for the stock markets to be a major influence on trading. The most important day of the week is Friday with the PPI report on the agenda, but Wednesday’s 10-year Note auction could also heavily sway bond trading. It appears we will likely see the most movement in mortgage rates the latter part of the week unless the stock markets post sizable gains or losses the next day or so.
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.
Empire Home Mortgage Inc. is a registered Mortgage Broker with the New York and Florida State Banking Departments and our loans are arranged through third party providers.
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