No Change In Today's Mortgage Rates 7-10-2017
By James Brooks
The bond market is up 1/32 (2.37%), which should keep Raleigh area mortgage rates unchanged.
There is no relevant economic data or other events scheduled for today that are likely to affect mortgage rates. However, the rest of the week brings us the release of six economic reports for the bond market to digest in addition to semi-annual congressional testimony by Fed Chair Janet Yellen and two Treasury auctions. Most of the data that is being posted is considered to be of high importance, meaning we will likely see more volatility in the financial markets and mortgage pricing this week. It starts off light, but the week is actually has many mortgage-relevant reports and other events.
Wednesday is when it all starts with semi-annual Fed congressional testimony, the 10-year Treasury Note auction and the release of the Fed Beige Book report. Fed Chair Janet Yellen?s appearance before the House Financial Services committee takes place in the morning while the auction results and Beige Book will come out during afternoon trading.
Overall, Wednesday has the potential to be the most active day of the week, depending on what type of reaction the markets have to the Fed?s congressional testimony. If there are any surprises in her testimony or answers, the reaction in the markets will probably be strong. Friday is also a good candidate with four economic reports, two of which are important. The calmest day will likely be today or tomorrow, although corporate earnings season starts this week. Better than expected earnings would be good for stocks and have a negative impact on bonds. Disappointing earnings should fuel bond buying and lower mortgage rates. With so much going on this week, it is highly recommended that you maintain contact with your mortgage professional if closing soon and still floating an interest rate.
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...