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Friday’s bond market has opened slightly in positive territory as the
active week comes to a close. The stock markets are somewhat mixed with the
Dow showing minor gains at up 7 points while the Nasdaq is up 36 points.
The bond market is currently up 2/32, which will likely improve this
morning’s mortgage rates by approximately .125 - .250 of a discount point.
It now appears that today’s only scheduled economic report (September's
Leading Economic Indicators) is also going to fall victim to the government
shutdown. The Conference Board has now announced that the report will be
delayed due to the need for some of the missing governmental economic data
to accurately compile their LEI. This means it will be posted at a later
date, sometime after the delayed government reports are actually released
to the public.
Now that government workers are returning to their desks, we are starting
to get revised posting dates for the economic data that was delayed during
the shutdown. The biggest one is September’s Employment report that will be
posted early Tuesday morning. It was also announced that October’s report will
be delayed one week, from the 1st of November to the 8th. Other reports
have also been added to the calendar, including the key inflation readings
we get from the Producer Price Index (PPI) and Consumer Price Index (CPI),
which are now set for the end of this month. We will also be looking for
updated release dates for September’s Retail Sales data and quarterly GDP
figures that tend to heavily influence the markets. As they are announced,
we will incorporate them into our daily and weekly commentary reports.
Next week does have some important economic data set for release, including
Tuesday’s Employment report. There is data being posted Monday that could
impact mortgage rates. Late Monday morning, the National Association of
Realtors will post September’s Existing Home Sales data that measures
housing sector strength by tracking home resales during the month. My most
recent calendars show data being released four of the five days next week
with Wednesday as the only exclusion. Look for up to date details on next
week’s events in Sunday’s weekly preview.
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...
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