Rate Lock Advisory

Friday, October 21th

Friday’s bond market has opened in positive territory with stocks being in selling mode out of the gate. The major stock indexes are showing fairly sizable losses with the Dow down 92 points and the Nasdaq down 3 points. The bond market is currently up 6/32 (1.73%), but due to weakness late yesterday we should still see a slight increase in this morning’s mortgage rates if comparing to Thursday’s early pricing.



30 yr - 1.73%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock




There is nothing of importance scheduled for release today in terms of economic news. That should leave the bond market subject to any Fed speech surprises or noticeable moves in stocks. The Fed speaking engagements are of little concern to me, so if we see mortgage rates make an intraday revision today, it will likely be in reaction to a stock move. Weaker stocks usually help boost bond prices and lower mortgage rates. On the other hand, if stocks rebound, bonds may give back early gains and possibly lead to an upward revision to rates before the end of the day.




Next week has a good sized handful of economic releases scheduled, including an extremely important quarterly GDP reading. There are also a couple of Treasury auctions that we will be watching as they may influence rates. There is nothing scheduled for Monday and the most important data comes later in the week. Look for details on all of next week’s relevant events in Sunday evening’s weekly preview.

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.