Our Real Estate Blog

Mortgage Rates (7/23/2010)

July 23rd, 2010 11:05 AM by Lehel S.

Friday's bond market has opened down slightly with no relevant data to drive trading. The stock markets are mixed with the Dow up 24 points and the Nasdaq down 3 points. The bond market is currently down 3/32, but due to yesterday's late strength we should see an improvement of approximately .125 of a discount point in this morning's mortgage rates.

There is no relevant economic data scheduled for release today, leaving the stock markets to influence bond trading and mortgage pricing. With an uneventful morning in stocks, the bond market has followed suit for the most part. If the major stock indexes remain near current levels throughout the day, mortgage rates should do the same.

Next week is fairly busy with quite a few relevant economic reports scheduled. There is monthly or quarterly data being posted every day except one, including Monday when we get the sister release of yesterday's housing report. The only data Monday is June's New Home Sales that tracks the remaining 15% of housing transactions that yesterday's Existing Home Sales report did not. However, it is next week's least important data.

The rest of the week's releases include measurements of consumer confidence, manufacturing sector strength and employer costs for wages and benefits in addition to the Fed Beige Book that tracks economic conditions by Fed regions and two relevant Treasury auctions. The big news will be the initial reading on the 2nd Quarter Gross Domestic Product (GDP), but look for more details on next week's events 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... 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 h ome. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. 
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Posted by Lehel S. on July 23rd, 2010 11:05 AM



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