No Change In Today's Mortgage Rates 3-2-2018
By James Brooks
The bond market is up 6/32 (2.84%), but the late strength yesterday in the bond market should prevent much of a change in Raleigh area mortgage rates.
We saw stocks tank and bonds rally intraday yesterday following news that President Trump is going to announce tariffs on important steel and aluminum next week. The fear is that other countries will retaliate, sparking a trade war that could hurt several industries and potentially restrict economic growth and corporate earnings. As stocks tanked, bonds rallied. Unfortunately, that pattern did not carry into today?s trading.
The University of Michigan's revised February Index of Consumer Sentiment was posted at 10:00 AM ET today. It came in at 99.7, down from the preliminary estimate of 99.9 and up slightly from the 99.5 that was forecasted. The reading indicates surveyed consumers were slightly more confident in their own financial situations than was thought previously, but not by enough to draw much attention from the markets. This data has had little influence on this morning?s bond losses or mortgage rates.
Next week has a handful of mortgage rate-relevant economic releases scheduled for release with the most important being Friday?s monthly Employment report. The first part of the week is light with little scheduled that is expected to affect 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.