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Overall, the key data of the week will be Friday’s Employment report but look for tomorrow and Tuesday to be active due to the economic data and FOMC minutes scheduled. If they give us favorable results, mortgage rates will likely move lower for the week. But if not, we can expect to see mortgage rates move higher. I believe this week’s data will be a good opportunity to contradict the speculation of economic strength that led to the spike in mortgage rates last month. If they do show soft numbers, there is a good possibility of seeing a sizable portion of the jump in bond yields reversed, leading to significant improvements to rates.
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…
