Rate Lock Advisory

Monday, June 9th

Monday’s bond market has opened in positive territory to recover some of Friday’s late selling. Stocks are mixed with the Dow down 109 points and the Nasdaq up 33 points. The bond market is currently up 4/32 (4.49%), but weakness late Friday is going to cause this morning’s mortgage rates to be slightly higher than Friday’s morning pricing. If you saw an intraday increase late Friday afternoon, you may see a small improvement this morning to reflect today’s opening gains.

4/32

Bonds

30 yr - 4.49%

109

Dow

42,653

33

NASDAQ

19,563

Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock

Medium

Unknown

Tariff News

There is nothing of importance scheduled for release today or tomorrow. Trade talks between the U.S. and China are starting in London today. We could see a headline or two come from the talks, but if that is the case, it likely will be this afternoon or sometime tomorrow. Whether it will be favorable or unfavorable for bonds is a coin toss.

High

Unknown

None

The rest of the week brings us only three monthly economic reports, along with a couple of Treasury auctions. Two of the scheduled reports are highly influential and may have a strong impact on rates. It is very likely that we will see plenty of movement in rates the middle days instead of the early part of the week.

High

Unknown

Consumer Price Index (CPI)

Overall, Wednesday is the most important day of the week for rates due to the significance the Consumer Price Index (CPI) carries in the markets, followed by the afternoon results of the 10-year Treasury Note auction. The calmest day will likely be tomorrow unless something comes from the trade talks with China. Because of the Fed’s mandatory two-week quiet period ahead next week’s FOMC meeting, we won’t have Fed speeches to fill the gaps in this week’s calendar. The little that is being released this week has the potential to cause a big swing in the markets. Therefore, it would be prudent to keep an eye on the markets if still floating an interest rate and closing in the near future.

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... 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.

Firelight Mortgage Consultants

Company NMLS#: 381658

7887 East Belleview Ave Ste 1100
Englewood, CO 80111
Equal Housing Lender
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