Monday's Mortgage Rate News 3-19-2018
By James Brooks
The bond market is down 5/32 (2.85%), which should push Raleigh Area mortgage rates to increase by approximately .125 of a discount point.
There is no relevant economic data set for release today. The rest of the week brings us the release of only four monthly economic reports for the markets to digest. Only one of them is considered to be very important to mortgage rates and it comes at the end of the week. The biggest news of the week though will be the FOMC meeting and related events mid-week. We are already seeing some positioning ahead of those events as investors look to protect themselves.
The first report will come late Wednesday morning when February's Existing Home Sales report is posted by the National Association of Realtors. That will be followed by an afternoon of Fed activities and then a minor release Thursday morning (Leading Economic Indicators). Friday has the remaining two reports- Durable Goods Orders (important) and New Home Sales (minor).
Overall, Wednesday is the key day of the week due to the afternoon FOMC meeting adjournment, updated Fed economic projections and press conference. The most important economic data comes Friday morning. There is a strong likelihood that we will see plenty of movement in the markets and mortgage rates this week, most likely the latter days. Accordingly, it would be prudent to maintain contact with your mortgage professional if still floating an interest rate and closing in the near future.
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.