Mortgage Rates Improve 9-6-2017
By James Brooks
The bond market is up 2/32 (2.07%), we still should see a slight improvement from yesterday?s rates due to strength late Tuesday.
Tomorrow has two pieces of minor data scheduled for release. The first will be last week?s unemployment figures at 8:30 AM ET. They are expected to show that 239,000 new claims for unemployment benefits were filed last week, up from the previous week?s 236,000 initial claims. Since rising claims hints at employment sector weakness, the higher the number the better the news it is for mortgage rates. It is worth noting though, that because this is only a weekly report, it likely will have little impact on tomorrow?s mortgage rates unless it shows a significant variance.
The final report of the week will be revised 2nd Quarter Productivity numbers, also at 8:30 AM ET. This report measures employee productivity in the workplace. Strong levels of productivity allow the economy to expand without inflation concerns. It is expected to show an upward revision from the previous estimate of a 0.9% increase. Forecasts are currently calling for a 1.2% annual rate, meaning productivity was stronger than previously thought. This would be positive news for the bond market and mortgage rates, but this report doesn?t usually cause much movement in 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.