Rate Lock Advisory

Friday, October 16th

Friday’s bond market has opened in negative territory as the market looks to stabilize after a volatile week of trading. Stocks are split with the Dow up 295 points and the Nasdaq down 182 points. The bond market is currently down 2/32 (5.07%), which with a little weakness late yesterday should cause an increase of approximately .125 - .250 of a discount point in this morning’s mortgage rates. If you saw an intraday increase before closing Thursday, you may see a smaller move this morning.

2/32

Bonds

30 yr - 5.07%

295

Dow

52,473

182

NASDAQ

26,530

Mortgage Rate Trend

Trailing 90 Days - National Average

  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM

Indexes Affecting Rate Lock

Medium

Negative

Industrial Production

September's Industrial Production report was today’s only semi-relevant economic data. The 9:15 AM ET release showed a 0.7% rise in output at U.S. factories, mines and utilities to hint at manufacturing strength. This report isn’t considered to be highly influential, but because analysts were expecting to see a 0.4% increase in production, we have to label the data unfavorable for bonds and mortgage rates. However, this morning’s early bond losses are much more about inflation and oil concerns than it is from this report.

Medium

Unknown

Treasury Auctions (5,7,10,20,30 year)

Next week is very light in terms of scheduled economic releases or other events that are expected to affect mortgage rates. There is a small handful of reports, all on the light side of importance, along with a Treasury auction midweek that may come into play during afternoon hours. That doesn’t mean we will necessarily see rates remain calm though. There are still plenty of factors and concerns in the markets that can cause volatility and mortgage rates movement. Monday has nothing of relevance scheduled, so we will be watching for weekend headlines from the Middle East to drive trading as the new week begins. Look for details on all of next week’s calendar in Sunday evening’s weekly preview.

Float / Lock Recommendation

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.

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