Good Morning,
Yesterday’s bond market closed at around the same level as the previous day, which slightly helped mortgage rates late in the day. There are two reports due today that can affect the market as well.
- A revision of the 2nd quarter Gross Domestic Product (GDP): Last month’s numbers will be revised and it is expected that the annual expected growth rate will be increased to 2.7%. Anything can happen here. If the actual revision is higher that the analyst’s estimate mortgage rates will get worse.
- Weekly Unemployment Claims: Posted by the Labor Department and is expected to show 425,000 new claim. Because this is only the weekly report it usually doesn’t affect mortgage rates unless it really varies from estimates.
So do you lock?
A continual decrease in interest rates happens, but we have now been experiencing a three-day, continual decline. Yesterday bonds remained strong despite the better than expected Durable Goods Orders. The next logical move for investors is to sell their bonds and cash in. My suggestion is to lock.
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