No Change To May 7 Mortgage Rates 5-7-2018
By James Brooks
The bond market is unchanged (2.94%), which should keep in Raleigh area mortgage rates unchanged.
There is nothing of relevance set for release today. In fact, the rest of the week brings us the release of only three pieces of monthly economic data that are likely to affect mortgage rates in addition to a couple of Treasury auctions. Two of the reports are important inflation readings, but they come mid-week. Despite the small number of releases, we still could see mortgage pricing move noticeably this week.
The first events will come Wednesday when April's Producer Price Index (PPI) is released and the Treasury holds a 10-year Note auction. The PPI will come at 8:30 AM ET, helping us to track inflationary pressures at the producer level of the economy. The auction is an afternoon event and can cause movement in bonds and mortgage rates during afternoon trading.
Overall, Thursday is the best candidate for most important day of the week due to the Consumer Price Index release (CPI), but Wednesday also may be active with the PPI and the 10-year Note auction taking place. The calmest day is likely to be tomorrow. We should see the most movement in mortgage rates mid-week unless something unexpected happens.
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