Another Surprise Improvement In Today's Mortgage Rates 6-22-2017

By James Brooks

The bond market is up 7/32 (2.14%), which should improve Raleigh Area mortgage rates slightly.

Last week?s unemployment figures were posted at 8:30 AM ET this morning, revealing 241,000 new claims for unemployment benefits were filed last week. This was a small increase from the previous week?s revised total of 238,000, but nearly matched the 240,000 that was expected. Since this is only a weekly snapshot, it usually takes a wide variance from forecasts for the data to affect mortgage rates and this was not enough of a miss to have an impact on today?s pricing.

Today?s second release was May's Leading Economic Indicators (LEI) at 10:00 AM ET. The Conference Board announced a 0.3% increase, pegging forecasts. The increase means the indicators are predicting growth in the economy over the next several months. Technically, that is unfavorable news. However, since it matched expectations and is not considered to be a highly important report, it has had a minimal influence on today's mortgage rates.

Tomorrow?s sole report will be May's New Home Sales report at 10:00 AM ET. This Commerce Department report helps us measure housing sector strength by tracking sales of newly constructed homes. This report is similar to Wednesday's Existing Home Sales report, but covers a much smaller portion of sales than that report does. It is expected to show a rise in sales, but will likely not have much of an impact on mortgage rates because this data gives such a small snapshot of the housing sector. I believe it will take a significant rise in sales or a sizable decline for this data to influence tomorrow?s mortgage rates.

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.

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