Rate Lock Advisory

Friday, September 19th

Friday’s bond market has opened in negative territory will little in terms of headlines to drive trading. Stocks are showing gains, pushing the Dow up 93 points and the Nasdaq up 112 points. The bond market is currently down 3/32 (4.11%), which should keep this morning’s mortgage rates close to Thursday’s early pricing.

3.32

Bonds

30 yr - 4.11%

93

Dow

46,235

112

NASDAQ

22,582

Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock

Low

Negative

General Bond Trends

There isn’t any relevant economic data set for release today. We are seeing more post-FOMC weakness as the “sell the news” mentality remains in the bond market. With little data and no major economic headlines to drive trading, we may see this upward trend in bond yields and mortgage rates extend into next week.

Medium

Unknown

Fed Talk

San Francisco Federal Reserve Bank President Mary Daly has a speaking engagement at 2:30 PM ET today, but the topic appears to be related to AI implications in the workplace and not about the economy or inflation. Now that the FOMC meeting is behind us, the Fed’s mandatory quiet period has ended. This means we can expect to see quite a few Fed-member speeches in the coming weeks that may influence the markets. That said, today’s speech should be a non-factor on mortgage pricing.

High

Unknown

Inflation News

Next week has plenty scheduled that may affect mortgage rates. It starts with mostly Fed-member speeches the first couple of days before getting to the more important reports the latter days. One of the many Fed speeches is by Fed Chairman Powell Tuesday. The economic reports include a highly important inflation reading Friday morning. In addition to the speeches and economic reports, there are also two Treasury auctions that have the potential to influence rates during afternoon trading midweek. Look for details on all of next week’s activities 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... 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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