Rate Lock Advisory

Monday, July 7th

Monday’s bond market has opened in negative territory following the holiday-extended weekend. Stocks are also starting the new week with early losses, pushing the Dow lower by 132 points and the Nasdaq down 113 points. The bond market is currently down 6/32 (4.37%), which should cause an increase of approximately .125 - .250 of a discount point if compared to Thursday’s early pricing. The financial and mortgage markets were closed Friday for the Independence Day holiday.

6/32

Bonds

30 yr - 4.37%

132

Dow

44,696

113

NASDAQ

20,487

Mortgage Rate Trend

Trailing 90 Days - National Average

  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM

Indexes Affecting Rate Lock

Medium

Unknown

Tariff News

There is no relevant economic data being released today or other events taking place that are expected to affect bond trading or mortgage pricing. We got some tariff headlines over the weekend, but it appears the markets are over the rhetoric on the topic. They likely have some type of tariffs on most countries built into current prices, meaning we probably won’t see a strong reaction to related news. At least not anywhere near the extreme volatility that we saw earlier this year when President Trump first announced them.

Medium

Unknown

Weekly Unemployment Claims (every Thursday)

The rest of this week’s economic calendar is extremely light with just Thursday’s weekly unemployment update listed. There are a couple of Treasury auctions and the release of last month’s FOMC meeting minutes that we will also be watching. None of these are considered to be highly important or influential. However, they may draw a little more reaction than usual because there are few items listed this week to drive trading.

Medium

Unknown

Treasury Auctions (5,7,10,20,30 year)

Overall, unless something unexpected happens we should see a fairly calm week for rates, at least compared to other recent weeks. Wednesday is likely to be the most active day for rates due to the 10-year Treasury Note auction and FOMC minutes. No day stands out as a good candidate for calmest with so little to drive trading this week. Even though the week’s calendar is limited, it still would be prudent to keep an eye on the markets if still floating an interest rate and closing in the near future just in case something hits the newswires.

Float / Lock Recommendation

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... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

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