Important Economic Data
Wednesday’s bond market has opened in negative territory despite early stock weakness. The bond market is currently down 8/32, which will likely push this morning’s mortgage rates higher by approximately .125 of a discount point.
There are a couple of relevant reports scheduled for release tomorrow. The first is Employee Productivity and Costs data for the 4th quarter will be released early tomorrow morning. It can cause some movement in the bond market, but should have a minimal impact on mortgage pricing.Late tomorrow morning, December’s Factory Orders data will be posted. It is one of the less important reports of the week, but can influence mortgage pricing if it varies greatly from forecasts.
The Labor Department will post last week’s unemployment figures tomorrow morning also, however, with January’s monthly figures coming Friday morning, this release will likely have less impact on rates than the minimal amount it usually does. Look for the other reports of the morning to have a bigger influence on bond trading and mortgage rates than the weekly unemployment figures.
FLOAT or LOCK
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 – LOCK
If I was closing on a Home Mortgage in the next 60+ – FLOAT
bc@SmarterBorrowing.com 617.771.5021
Credit: Bloomberg, Yahoo Finance, Mortgage News, MBS Quoteline
bc@smarterborrowing.com
617.771.5021
