Rate Lock Advisory

Monday, March 19th

Monday’s bond market has opened in negative territory despite the lack of economic data and sizable losses in stocks during early trading. The major stock indexes are starting the week off well in negative ground with the Dow down 186 points and the Nasdaq down 72 points. The bond market is currently down 4/32 (2.85%), which should push this morning’s mortgage rates slightly higher than Friday’s morning pricing.



30 yr - 2.85%







Mortgage Rate Trend

Trailing 90 Days - National Average

  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM

Indexes Affecting Rate Lock




There is no relevant economic data set for release today. The rest of the week brings us the release of only four monthly economic reports for the markets to digest. Only one of them is considered to be very important to mortgage rates and it comes at the end of the week. The biggest news of the week though will be the FOMC meeting and related events mid-week. We are already seeing some positioning ahead of those events as investors look to protect themselves.



Existing Home Sales from National Assoc of Realtors

The first report will come late Wednesday morning when February's Existing Home Sales report is posted by the National Association of Realtors. That will be followed by an afternoon of Fed activities and then a minor release Thursday morning (Leading Economic Indicators). Friday has the remaining two reports- Durable Goods Orders (important) and New Home Sales (minor).




Overall, Wednesday is the key day of the week due to the afternoon FOMC meeting adjournment, updated Fed economic projections and press conference. The most important economic data comes Friday morning. There is a strong likelihood that we will see plenty of movement in the markets and mortgage rates this week, most likely the latter days. Accordingly, it would be prudent to maintain contact with your mortgage professional if still floating an interest rate and closing in the near future.

Float / Lock Recommendation

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.