Mortgage Rates Move Lower 11-17-2017
By James Brooks
The bond market is up 6/32 (2.34%), we should see a slight improvement for mortgage rates.
The Commerce Department announced early this morning that October's Housing Starts jumped 13.7%, exceeding forecasts by a wide margin. A secondary reading that tracks new permits issued, giving us an indication of future groundbreakings, also came in higher than expected. The data points towards a strengthening new home portion of the housing sector, making the data bad news for bonds and mortgage rates. Fortunately, this is not considered to be a highly important report, minimizing its impact on today?s trading.
Next week will be shortened due to the Thanksgiving holiday but still has a couple of economic reports and other items that we need to watch. Most of the data being released is considered moderately important but there is also one report that does draw plenty of attention in addition to the minutes from the most recent FOMC meeting.
There is a minor release set for Monday morning (Leading Economic Indicators) to start the week, but it shouldn?t be of much concern.
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.