Good Day For Mortgage Rates 4-11-2017
By James Brooks
The bond market is up 14/32 (2.31%), which should improve today's mortgage rates by approximately .125 of a discount point.
There is no relevant economic data set for release today. However, we do have the 10-year Treasury Note auction to watch that may affect mortgage rates. The results of the auction will be posted at 1:00 PM ET, so any reaction will come during early afternoon trading. If the demand from investors was strong, the bond market could rally during afternoon trading, leading to lower mortgage rates. If the sale was met with a poor demand, the expected afternoon weakness may cause upward revisions to mortgage rates.
Tomorrow also doesn?t have any important economic data being posted. That will leave stocks and the 30-year Bond auction to drive bond trading and mortgage pricing. The auction results will also be posted at 1:00 PM ET tomorrow, so it is an afternoon event to watch.
This week may seem light so far in terms of events that are influencing mortgage rates, but it does bet much busier. We have several important economic reports coming Thursday and Friday. There also will be an early close Thursday ahead of the Good Friday holiday. This means we should have a pretty active day Thursday as traders react to the data and prepare for the long weekend.
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.