No Change In Today's Mortgage Rates 8-18-2017
By James Brooks
The bond market is down 1/32 (2.19%), which should keep Raleigh area mortgage rates unchanged.
We saw bond prices rise and yields drop as stocks slid yesterday afternoon. The terror events in Spain contributed to the stock selling yesterday, leading funds to shift into bonds. That caused many lenders to improve rates slightly intraday Thursday. If your lender did improve rates before closing, you likely will see little change in Raleigh area pricing.
Today?s sole relevant economic data was July?s Consumer Sentiment Index from the University of Michigan at 10:00 AM ET. It came in at 97.6, much higher than the 94.0 that was expected. It was also a noticeable increase from June?s final reading of 93.4. That means surveyed consumers were more optimistic about their own financial situations than many had thought. Because rising confidence usually translates into stronger levels of consumer spending that fuels economic growth, we should consider this data bad news for bonds and mortgage rates.
Next week brings us the release of only a couple of economic reports that may influence mortgage rates. The biggest event of the week may end up being the annual Jackson Hole Fed conference the latter days. Monday has nothing of importance scheduled, so we can expect weekend news and stock movement to drive bonds and mortgage rates as the week starts.
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.