Another Good Day Mortgage Rates 11-7-2017
By James Brooks
The bond market is currently down 2/32 (2.31%), due to a bit of strength late yesterday we may see a slight improvement in Raleigh area mortgage rates.
There again is nothing scheduled for release today that is expected to affect mortgage rates. Therefore, it is realistic to expect bonds and mortgage rates to remain near current levels. If there is an intraday revision to mortgage pricing, it probably will be a result of a noticeable move in stocks.
Tomorrow morning also does not have any relevant economic data for the markets to digest. However, we do have the first of two important Treasury auctions taking place. 10-year Treasury Notes will be sold tomorrow while 30-year Bonds go Thursday, giving us an indication of demand for long-term securities. If the sales are met with a strong demand from investors, we should see the bond market move higher during afternoon trading tomorrow and/or Thursday. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling in bonds would probably result in upward revisions to mortgage rates. tomorrow's 10-year Note auction usually has the bigger impact on rates than 30-year Bonds.
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.