No News Means No Change In Today's Mortgage Rates 3-5-2018
By James Brooks
The bond market is up 4/32 (2.85%), but weakness late Friday will prevent much of an improvement in Raleigh area mortgage rates.
There is nothing of importance set for release today. The rest of the week has five pieces of monthly and quarterly economic data scheduled that may influence mortgage rates. One of those reports is extremely important to the financial and mortgage markets.
The week's calendar kicks off tomorrow with the release of January's Factory Orders report at 10:00 AM ET. This report will give us a measurement of manufacturing sector strength by tracking new orders at U.S. factories for both durable and non-durable goods. Current forecasts are calling for a decline in new orders of approximately 1.3%. A larger decline would be good news for the bond market and could lead to an improvement in mortgage rates since it would point towards economic weakness. However, it usually takes a large variance from forecasts for this report to affect mortgage rates noticeably because a significant portion of this data was already posted in last week?s Durable Goods Orders release.
Overall, Friday is the most important day of the week due to the release of the monthly Employment report. Wednesday could also be pretty active for mortgage rates with three reports scheduled. Despite the lack of a high number of economic releases, we still should see a good amount of movement in mortgage rates over the next five days, especially of stocks make a big move either direction. Therefore, please maintain contact with your mortgage professional if still floating an interest rate and closing in the near future.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float 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