Another Increase In Mortgage Rates 4-13-2018
By James Brooks
The bond market is up 3/32 (2.82%), but weakness late yesterday is still going to cause Raleigh Area mortgage rates to increase by approximately .125 of a discount point.
This morning?s sole piece of relevant economic data was the University of Michigan's Index of Consumer Sentiment for April at 10:00 AM ET. It revealed a reading of 97.8, falling well short of March?s 101.4 and forecasts of 100.8. The weaker than predicted reading means surveyed consumers don?t feel as good about their own financial situations than many had thought. Because waning confidence usually means consumers are less apt to make large purchases that fuel economic growth, we can consider this news favorable for bonds and mortgage rates.
Next week has several economic reports that we will be watching, but only one is considered to be highly important. Most of the week?s data is scheduled for the first couple days, including Monday?s Retails Sales report that will give us an important measurement of consumer spending. Look for details on next week?s activities in Sunday evening?s weekly preview.
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.