Today's Mortgage Rates News 10-2-2017
By James Brooks
The bond market is up 4/32 (2.32%), but weakness in trading last Friday will keep Raleigh area mortgage rates unchanged.
The Institute for Supply Management (ISM) posted their manufacturing index at 10:00 AM ET this morning, announcing a reading of 60.8. This was an increase from August?s 58.8 and the highest reading since May 2004, indication manufacturer sentiment is rising. Analysts were expecting to see a decline (58.0), meaning manufacturing activity was likely stronger than thought last month. That makes the report bad news for bonds and mortgage rates.
Tomorrow doesn?t have any important data scheduled, the only day of the week that doesn?t have something relevant to mortgage rates. We have only three more monthly reports coming this week, but one of them is a key release. In addition to the data, there is also a high number of speaking engagements by Federal Reserve members that always draw attention and can influence rates.
Overall, the single most important day of the week is Friday due to the release of the monthly Employment report. Tomorrow has the best chance to be the calmest day unless something unexpected happens. Besides the relevant economic data set for release three days of the week, the fairly full Fed speaking schedule can also cause volatility in the markets at any time. This leads me to believe that we will see an active week for mortgage rates. Accordingly, please maintain contact with your mortgage professional if still floating a 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... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now.