Black Friday Mortgage Rate News 11-24-2017
By James Brooks
The bond market is down 2/32 (2.34%), which should keep Raleigh area mortgage rates unchanged.
Wednesday?s afternoon release of the minutes from the most recent FOMC meeting gave us some bond-favorable information. They showed that Fed members are growing more concerned about inflation running well below their preferred level. There was also some talk of the fact the Fed may have raised key rates prematurely because inflation has not strengthened enough. What was in the minutes doesn?t derail a December rate hike though. Still, they gave us favorable results and the bond market strengthened after their 2:00 PM ET release, causing some lenders to improve rates before closing.
There is nothing of relevance being posted today. In fact, it should be a pretty calm day for mortgage rates because many bond traders are home for the holiday weekend. The stock markets will close at 1:00 PM ET today while the bond market will close at 2:00 PM as part of the Thanksgiving holiday. All the markets will reopen for regular trading Monday morning.
Next week is packed with economic data and other events that may affect mortgage rates, including a couple of Treasury auctions and a congressional appearance by Fed Chair Janet Yellen. Monday has a housing report scheduled but it is not considered to be highly important.
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.