Rate Lock Advisory

Friday, July 24th

Friday’s bond market has opened in positive territory following a decline in oil prices that eases inflation concerns, at least temporarily. Stocks are mixed with the Dow up 104 points and the Nasdaq down 145 points. The bond market is currently up 7/32 (4.66%), which should improve this morning’s mortgage rates by approximately .125 - .250 of a discount point.

7/32

Bonds

30 yr - 4.66%

104

Dow

51,816

145

NASDAQ

24,992

Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock

Low

Negative

New Home Sales

This morning’s only semi-relevant economic data was New Home Sales report at 10:00 AM ET. It revealed a 1.6% increase in sales of newly constructed homes last month. Forecasts showed a larger percentage increase, but a sizable upward revision to May’s sales is skewing the headline numbers in the report. The actual number of sold homes was higher than what analysts were expecting to see, reiterating that the new home portion of the housing sector did indeed expand last month. Technically, this would make the report bad news for bonds. Realistically though, the report carries such a low level of importance that it has had no impact on this morning’s rates.

High

Unknown

Federal Open Market Committee (FOMC) Statement

Next week’s calendar is a stark contrast to this week with economic data or other events scheduled each day, some of which is considered to be highly influential. In addition to the data, there are also a couple of shorter-term Treasury auctions being held early in the week and another FOMC meeting that carries a higher chance of yielding a Fed rate hike than any other meeting in a long time. Activities will start early Monday morning with the release of June’s Durable Goods Orders report that will give us some insight into the manufacturing sector. We will also be watching for weekend headlines from the Middle East to affect bond trading and mortgage pricing Monday. Look for details on all of next week’s scheduled events 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.

Kelly Rivas

Your Home Is My Business

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