Minor Movement In Today's Mortgage Rates 10-4-2017
By James Brooks
The bond market is down 1/32 (2.33%), which should keep Raleigh area mortgage rates at yesterday?s levels.
September's ADP Employment report was posted at 8:15 AM ET this morning, showing 135,000 new private sector jobs were added last month. This was a little weaker than the 145,000 that was expected, making the data good news for bonds and mortgage rates. However, it wasn?t far enough from forecasts to cause much concern in the markets. That means we haven?t seen mortgage rates have much of a reaction to the report.
Tomorrow has two piece of economic data set for release. The first is last week?s unemployment figures at 8:30 AM ET. They are expected to show that 265,000 new claims for unemployment benefits were filed last week, down from the previous week?s 272,000 initial claims. This report usually doesn't cause much movement in the markets or mortgage rates unless it shows a significant jump or drop in initial claims for benefits. The higher the number of claims, the better the news it is for bonds and mortgage rates since rising claims is a sign of employment sector weakness.
August's Factory Orders data will be released at 10:00 AM ET tomorrow morning. This Commerce Department report is similar to last week's Durable Goods Orders release except it includes orders for both durable and non-durable goods. It is expected to show a 1.0% rise in new orders from July's level. A large decline would be good news for the bond market and mortgage rates while a larger than unexpected rise would be bad news and could push rates slightly higher since it would indicate economic strength. It is worth noting though, that this report is not considered to be highly important to 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.