Rate Lock Advisory

Monday, September 23th

Monday’s bond market has opened in positive territory due to weaker economic data from overseas. The stock markets are starting the week in negative ground, pushing the Dow lower by 70 points and the Nasdaq down 17 points. The bond market is currently up 12/32 (1.68%), which should improve this morning’s mortgage rates by approximately .125 of a discount point.



30 yr - 1.68%







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 set for release today here domestically. This is the only day of the week doesn’t have something scheduled. The rest of the week brings us the release of six monthly and quarterly economic reports to watch in addition to a couple of Treasury auctions. Most of it is considered to be moderately importantly, but there is one report more important than the others coming late in the week.



Consumer Confidence Index (Conference Board)

September's Consumer Confidence Index (CCI) starts this week’s calendar at 10:00 AM ET tomorrow. This Conference Board index will be posted at 10:00 AM ET and gives us a measurement of consumer willingness to spend. It is expected to show a decline in confidence from last month's reading, indicating that consumers were less optimistic about their own financial situations than last month. This means they are less likely to make a large purchase in the near future. That is favorable news for the bond market and mortgage rates because consumer spending fuels economic growth. Analysts are calling for a reading of approximately 134.0, down from August's 135.1 reading. The smaller the reading, the better the news for the bond market and mortgage rates.




Overall, Friday is the most important day of the week with three reports scheduled, including the most important of the week’s batch. The calmest day for rates could be Wednesday. There are a fairly large number of Fed member speaking engagements scheduled this week that could influence the markets also. Despite the lack of key economic data, it still could be a pretty active week for mortgage rates.

Float / Lock Recommendation

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float 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.