April 10th, 2009 9:30 AM by Lehel Szucs
The U.S. financial markets are closed today in observance of the Good Friday holiday. They will reopen Monday morning for regular trading hours.
Many mortgage lenders will be closed today, but those who are open may issue rates that are approximately .125 of a discount point lower than Thursday's morning rates. This is due to strength in the markets yesterday that led some lenders to revise rates slightly lower during afternoon trading.
Despite the holiday weekend, we will still be posting the weekly preview Sunday evening. This is a good opportunity to prepare yourself for the upcoming week with a detailed breakdown of what economic reports and events are scheduled that may affect mortgage rates.
Next week brings us the release of several very important reports that will likely influence bond trading and mortgage rates. They include a retail sales report and two key inflation indexes. None of the data is scheduled for release Monday , but Tuesday and Wednesday are very busy with multiple reports scheduled for release both days. Look for more details in Sunday's weekly preview.
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.
©Mortgage Commentary 2009