No Change In Today's Mortgage Rates 5-18-2017
By James Brooks
The bond market is unchanged at (2.25%), which will keep today's mortgage rates unchanged
This morning’s release of last week’s unemployment figures showed that 232,000 new claims for unemployment benefits were filed last week.
That was a decline from the previous week’s 240,000 initial filings. Since analysts were expecting to see an increase, we can consider this news to be negative for bonds and mortgage rates since declining claims is a sign of a strengthening employment sector.
However, this is only a weekly report, so its impact on today’s mortgage pricing has been minimal.
The Conference Board announced at 10:00 AM ET that their Leading Economic Indicators (LEI) rose 0.3%, meaning they are predicting moderate economic growth over the next several months. Forecasts were calling for a 0.4% increase, allowing us to consider this data neutral to slightly positive for bonds and mortgage rates.
Tomorrow does not have any relevant economic data scheduled for release. There are a couple of Fed member speaking engagements that always draw attention. Neither of tomorrow’s speeches are expected to cause too much volatility in the financial or mortgage markets. It is likely that stocks and news out of Washington will be the biggest influences on tomorrow’s bond trading and mortgage 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.