Rate Lock Advisory

Monday, April 6th

Monday’s bond market has opened in negative territory due to early stock strength. The major stock indexes are showing gains of 1,017 points in the Dow and 335 points in the Nasdaq. The bond market is currently down16/32 (0.65%), which should cause this morning’s mortgage rates to be a little higher than Friday’s early pricing.



30 yr - 0.65%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



Election News

There is nothing of relevance scheduled for release today. We are seeing a traditional move in bonds where they move in opposite direction of stocks. With stocks rallying, bonds are weaker, pushing yields higher this morning. Fortunately, mortgage bonds are not following Treasury bonds at the moment. That is helping to prevent a larger increase in today’s mortgage rates considering most of today’s increase in rates is a result of weakness late Friday.




Tomorrow and Wednesday morning also do not have anything scheduled that we need to be concerned with. The rest of this holiday-shortened week brings us the release of three-monthly reports and one weekly release in addition to a couple of potentially influential Treasury auctions and the minutes from last month’s FOMC meeting. The bond market will close early Thursday and remain closed Friday for the Good Friday holiday. Stocks are open all day Thursday but will also be closed Friday.




Overall, there is no point is labeling any day as most or least important based on economic releases. While current reports are drawing more attention in the markets than last month’s releases did, they still are not a driving force nor are they directly affecting mortgage rates. None of this week’s reports are likely to be market movers either. We should expect another active week for the markets and mortgage rates, so proceed cautiously 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... 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 home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.