With the bond market up 8/32 today, we can expect a slight decrease in mortgag interest rates of approximately .250 of a discount. Stocks to follow suit. This follows yesterdays positive tone but to a lesser scale.
The Labor Dept. reported over 500,000 new unemployment claims filed last week - a lower than expected number which can be a negative overall for news related to bonds.
Housing stats were also reported with an increase in starts for new home sales from July to Aug. These reports have little impact on the mortgage rates for today but good news overall.
Unless something unexpected happens, this means a relatively calm day in mortgage news and rates for tomorrow.
Not a bad time to lock if closing will take place in the next 7 to 20 days.
The Feds also announced Nationally last week to expect mortgage interest rates to rise over the next 120 days with an estimated "hold" rate to be in the area of high 6's to low 7's.
More to come -
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