Rate Lock Advisory

Friday, January 23th

Friday’s bond market has opened slightly in positive territory despite unfavorable economic news. Stocks are mixed with the Dow down 308 points and the Nasdaq up 40 points. The bond market is currently up 1/32 (4.23%), which with some gains late yesterday, should improve this morning’s mortgage rates by approximately .125 of a discount point if compared to Thursday’s early pricing.

1/32

Bonds

30 yr - 4.23%

308

Dow

49,075

40

NASDAQ

23,476

Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock

Medium

Negative

Univ of Mich Consumer Sentiment (Prelim)

This morning’s sole relevant economic release was January's preliminary reading of the University of Michigan's Index of Consumer Sentiment at 10:00 AM ET. They announced a reading of 56.4 that was an increase from December’s 54.0 and higher than expectations. The increase means surveyed consumers felt better about their own financial conditions than they did last month. Since rising confidence usually translates into stronger consumer spending that makes up over two-thirds of the U.S. economy, this morning’s release is bad news for bonds and mortgage rates.

Medium

Unknown

Durable Goods Orders

Next week brings us a handful of events that may influence mortgage pricing, but a couple of them are considered to be highly important to the markets. The week’s calendar begins with November’s Durable Goods Orders report Monday morning that will give us an indication of manufacturing sector strength. We also have the first FOMC meeting of the year midweek and a wholesale inflation index Friday. In between there are a couple of less important releases and two Treasury auctions that we will be watching. Look for details on all of next week’s scheduled 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.

Milestone Mortgage, Inc. NMLS#136714

38 W Main Street
Carmel, IN 46032
Equal Housing Lender
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