Rate Lock Advisory

Monday, November 28th

Monday’s bond market has opened up slightly with little to drive trading. Stocks are kicking off the new week with losses of 157 points in the Dow and 36 points in the Nasdaq. The bond market is currently up 2/32 (3.68%), which with gains late Friday should improve this morning’s mortgage rates by approximately .125 of a discount point. If you saw an intraday improvement Friday afternoon, you likely will see little change this morning.



30 yr - 3.68%







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 data or other events scheduled for today. The rest of week has six economic reports for the markets to digest in addition to the Fed Beige Book and a speech by Fed Chairman Powell. Two of the releases are considered to be highly important and can heavily affect the markets. The most important days for rates come mid and late week.



Consumer Confidence Index

November’s Consumer Confidence Index (CCI) will start this week’s activities late tomorrow morning. This Conference Board index helps us track consumer confidence in their own financial and employment situation. It is thought that they are more apt to make larger purchases in the near future, fueling economic growth if confidence is high. This is important because consumer spending makes up over two-thirds of the U.S. economy and strength in it makes long-term securities such as mortgage-related bonds less attractive to investors. Traders are expecting to see the index slip a couple points from October's 102.5 meaning surveyed consumers were less optimistic about their own financial situations this month than they were last month. The weaker the reading, the better the news for mortgage rates.



Employment Situation

Overall, Friday is the best candidate for most important day for rates due to the Employment report being released, but there is a good chance of seeing noticeable movement in pricing multiple days, including Wednesday and Thursday with highly important events also scheduled. Watching the markets carefully this week would be a good idea if still floating an interest rate and closing soon.

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... Lock 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.

Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419