So what’s happening in the markets today? A couple of things:
- The Treasury auction yesterday afternoon went pretty well.
- Retails sales reports that came in this morning came in down.
- Unemployment claims numbers came in mixed. The new claims for the week came in down but the continued claims came in higher.
So the bond market is a little better than we were yesterday morning.
I’m going to sound like a broken record, but I still recommend locking all loans. With two more big Treasury auctions coming this week yet and a lot of unknowns in the economic reports due out (mainly earnings reports), the upside risk is greater than the downside potential.
I’ll continue to keep you informed.
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- Categories: Lenders, Mortgage Rates
Comments
2 Comments so far
Melissa
Would you lock your rate today if you were building a house and won’t be closing on your house until November? I am struggling with unknown and the upfront costs with locking in now, but feel like rates will be hiking up and it may be worth the out of pocket expense now to recoup later. Thoughts on when to lock? If I make it to 60 days before the house closes, it’s free to lock…..Thanks for your input.
Tom Vanderwell
Melissa,
If I were building a house today, here’s what I’d recommend:
1. Work with a lender who can update you daily about mortgage rates.
2. Keep on top of things on a daily basis and have things ready that you could lock with your lender in less than 10 minutes.
3. Keep on top of your builder so that things get wrapped up on time.
If I could do those things, I’d float for now and lock in once we are within 45 days of completion (to give you an extra 15 days to finish up inspections and lien waivers etc.)
Make sense?
Tom Vanderwell