Important Economic Data
Thursday’s bond market has improved following a fairly strong 30-year Bond auction, which may help improve this afternoon’s mortgage rates slightly, but most lenders may wait until tomorrow’s pricing to reflect any improvement. With today’s improvement already in the market, I’m extending my LOCK recommendation for both immediate and short-term closings
The Commerce Department reported this morning that retail level sales fell 0.3% last month, falling well short of expectations. This is good news for bonds and mortgage rates because drops in consumer spending eases inflation and economic recovery concerns. That creates a favorable environment for the bond market and mortgage rates.Lock/Float
There are two economic reports scheduled for release tomorrow morning.
The first is December’s Consumer Price Index (CPI). This is also one of the most important monthly reports that we see since it measures inflationary pressures at the consumer level of the economy. Weaker than expected readings should lead to bond improvements and lower mortgage rates tomorrow morning.
If I was closing on a Home Mortgage in the next 0 to 15 Days – LOCK
If I was closing on a Home Mortgage in the next 15 to 30 Days – LOCK
If I was closing on a Home Mortgage in the next 30 to 60 Days – FLOAT
If I was closing on a Home Mortgage in the next 60+ – FLOAT
bc@SmarterBorrowing.com 617.771.5021
bc@smarterborrowing.com
617.771.5021
