Today's Mortgage Rate New 12-4-2017
By James Brooks
The bond market is down 6/32 (2.38%). Which should increase Raleigh area mortgage rates by .125 of a discount point
October's Factory Orders report was posted at 10:00 AM ET today, giving us some manufacturing information. The Commerce Department announced a 0.1% decline in new orders at U.S. factories. Usually, a decline would be good news as it points towards a softening manufacturing sector. That?s not the case in today?s release because analysts were expecting to see a 0.4% decline, meaning activity was a bit better than expected.
The remainder of the week has four more economic reports scheduled that have the potential to affect mortgage rates. One of those, Friday?s monthly Employment report, is considered to be a major release that can heavily influence the financial and mortgage markets. This week?s data, along with the tax reform, Russia investigation and other events out of Washington, make it likely that we will have another active week for mortgage rates.
Tomorrow has nothing of importance set for release, so expect political news and any surprises on tax reform that may derail the final approval to drive bond trading and mortgage rates. Wednesday had two reports early in the morning that the markets will be watching (ADP Employment and revised 3rd Quarter Productivity numbers).
Overall, Friday is the most important day of the week due to the release of the monthly Employment report. We saw a very volatile end of the week last week and this week shouldn?t be much different. 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... 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.