Friday’s bond market has opened in positive territory as the rally continues. The major stock indexes are mixed but fairly calm with the Dow up 22 points and the Nasdaq down 28 points. The bond market is currently up 7/32 (3.08%), which should improve this morning’s mortgage rates by approximately .125 of a discount point.
Today’s only relevant economic data was October’s Industrial Production data at 9:15 AM ET. It revealed a 0.1% rise in output at U.S. factories, mines and utilities, falling short of the 0.3% increase that was expected. The weaker level of production is favorable news for bonds and mortgage rates. However, this is only a moderately important report. This means that the data is making a very small contribution to this morning’s bond gains.
Next week will be shortened due to the Thanksgiving Day holiday schedule, but we still have a good number of relevant economic reports set for release. There is nothing of importance scheduled for Monday, so we are expecting weekend news, particularly Brexit-related, to drive trading as the new week starts. Look for details on next week’s mortgage-relevant events and the holiday trading schedule in Sunday evening’s weekly preview.
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... 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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