Minor Movement In Today's Mortgage Rates 6-19-2017

By James Brooks

The bond market down 6/32 (2.17%), which should push Raleigh area mortgage rates slightly higher.

There is nothing of importance set for release today. Bonds and mortgage rates will probably be driven by stock movement today. If the major stock indexes extend their current gains, we could see bonds come under more pressure, leading to an upward revision to mortgage rates before the end of the day. On the other hand, if stocks move lower, mortgage rates could follow suit.

The rest of the week brings us the release of only three fairly minor pieces of monthly economic data that may affect mortgage rates, meaning this is likely to be calmer week for mortgage rates than last week was. That is assuming something unexpected does not happen. I believe we will see stocks heavily influence bond trading and mortgage pricing this week with so little scheduled that traditionally affect rates.

The first of this week's economic reports comes late Wednesday morning when the National Association of Realtors posts May's Existing Home Sales. We have Leading Economic Indicators Thursday and New Home Sales Friday morning. None of these reports are expected to cause a noticeable move in the financial or mortgage markets.

Overall, it is difficult to label any particular day as the most important due to such a light calendar this week. We still should see movement in rates more than one day, although I am not expecting them to make a big move. It would be prudent to keep an eye on the markets even though there is little happening this week because the markets can get active without notice.

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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