Rate Lock Advisory

Friday, October 31th

Friday’s bond market has opened in positive territory despite no major headlines to drive trading. Stocks are showing early gains of 62 points in the Dow and 213 points in the Nasdaq. The bond market is currently up 4/32 (4.07%), which should improve this morning’s mortgage rates by approximately .125 - .250 of a discount point compared to Thursday’s early pricing. If you saw an intraday improvement yesterday afternoon, you likely will see a smaller move this morning.

4/32

Bonds

30 yr - 4.07%

62

Dow

47,584

213

NASDAQ

23,794

Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock

Low

Neutral

Government Shutdown

There is nothing of importance being released today. The ongoing government shutdown is preventing the release of multiple pieces of data, including a key inflation reading that the Fed heavily relies on. Stocks seem to be reacting to some big-named corporate earnings releases last night, but there isn’t much to drive bond trading this morning.

High

Unknown

ISM Index (Institute for Supply Management)

Next week is actually fairly busy with non-governmental economic releases and other events that may influence mortgage rates. It begins Monday with the release of the highly important October manufacturing index from the Institute for Supply Management (ISM) at 10:00 AM ET. We should also get one of the other three typical new month reports when ADP posts their private-sector employment report Wednesday, in addition to a couple of other moderately important reports throughout the week. Furthermore, the Fed speaking calendar shows two particular speeches that list subjects related to the economy and/or monetary policy Monday and Tuesday that should draw plenty of attention too. 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... Lock if my closing was taking place between 21 and 60 days... Lock 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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