Little Change In Today's Mortgage Rates 10-3-2017

By James Brooks

The bond market is up 1/32 (2.33%), which should keep Raleigh area mortgage rates unchanged.

There is no relevant economic data being released today. If we see a noticeable change in bonds or an intraday revision to mortgage pricing, it likely will be a result of stock movement. If stocks remain near current levels, mortgage rates should follow suit. Generally speaking, stock gains tend to pressure bonds and lead to higher mortgage rates.

Tomorrow has one piece of economic data that is worth watching. That will be September's ADP Employment report at 8:15 AM ET. It has the potential to cause some movement in the markets if it shows much stronger or weaker numbers than expected. This report attempts to track changes in private-sector jobs, using ADP's payroll processing clients as a base. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not accurate in predicting results of the monthly government report that follows a couple days later. Still, because we have seen reaction to the report, we should be watching it. Analysts are expecting it to show that 145,000 new payrolls were added. The lower the number of jobs, the better the news it is for 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... Float 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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