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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.
There is nothing of importance scheduled for release today. The rest of the week brings us the release of four monthly reports for the bond market to digest, but none of them are considered to be highly important. Most of this week’s data is related to housing. Three of the four reports that are scheduled give us different insights into the housing sector.
They begin early tomorrow morning when February's Housing Starts will be posted. This report tracks construction starts of new housing. It doesn’t usually cause much movement in mortgage rates and is considered one of the less important reports we see each month. It is expected to show an increase of less than 1% in housing starts, indicating slight growth in the housing sector. Good news for the bond market and mortgage rates would be a sizable decline in new starts.
Also tomorrow is the first of four lectures that Fed Chairman Bernanke will make at the George Washington School of Business. The second is Thursday while the remaining two are scheduled for next week. I doubt they will lead to movement in the markets or changes to mortgage rates, but we will be watching the first one at 12:45 PM tomorrow for any impact his words may have.
Overall, it is difficult to label one particular day as the most important of the week. The single most important report will likely be Wednesday’s Existing Home Sales, but none of the week's data is known to be a major market mover. If the stock markets move lower, we could see gains in bonds and improvements in mortgage rates. But, if stocks move higher, pressure in bonds is possible, leading to higher mortgage pricing again. Therefore, I still recommend proceeding with caution if you are floating an interest rate.
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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