…and yesterday turned out exactly as anticipated. The stock market hit new highs, rates got a bit worse and Ukraine is still a wild card keeping things interesting.
Data is in already this morning, however, and we have nice improvements in mortgage application volume. Both purchase and refi business picked up nicely last week. Employment numbers came in a little under estimates, but a Gallup Job Creation report is slightly improved. The markets are being tugged by all this and going nowhere fast- preopen is pretty flat for stocks and rates so far. A report on non-manufacturing business sectors due at 10a may help point the market in a set direction but after a day like yesterday it’s easy to envision markets taking a breather until tomorrows Jobless Claims report. Don’t forget that Friday we have our new employment report- probably the biggest potential market mover this week, especially if it surprises analysts.
So uncertainty has set in, which usually makes it a good idea to lock deals at application. Rates are still very good, in the mid 4’s on most programs. If you do choose to float, you’d better do so cautiously and be ready to pull the trigger on your rate lock if the market turns against you.
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