Hi everyone Happy Holiday week!
Overall, I am expecting to see some movement in the markets and mortgage rates, but nothing drastic unless we get some surprising results from the week’s data. That said, we still need to keep a cautious approach following the surprising volatility of the past couple of weeks. I still believe there is more room for improvements to mortgage rates. We saw some improvement late last week and I believe there is a decent possibility of extending those gains the next couple of days.
The bond market will close early Thursday and will be closed all day Friday in observance of the Christmas Day holiday. This means that firms that trade bonds will likely be keeping only a skeleton staff the latter part of the week and raises the possibility of a stronger reaction to surprises in the economic data than we normally would see. Accordingly, proceed cautiously this week if still floating an interest rate and closing in the immediate future.
If I were considering financing/refinancing a home, I would….
Float 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…
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bc@smarterborrowing.com 617.771.5021
