By James Brooks

The bond market is up 1/32 (1.78%), which should keep today's mortgage rates the same as Friday's rates.

There is nothing of importance scheduled for release today or tomorrow. The rest of the week brings us the release of three economic reports that have the potential to influence mortgage rates. Two of the reports are considered to be of elevated importance to the bond market and, therefore mortgage rates. This raises the possibility of seeing noticeable movement in rates multiple days this week.

The first events of the week will be a couple Treasury auctions Wednesday and Thursday afternoons. All of the important data will be posted Friday morning, including a key consumer spending reading and inflation reading at the producer level of the economy.

Overall, the calmest day for mortgage rates will likely be tomorrow while the best candidate for most active day is Friday. We also need to watch stocks for mortgage rate movement. Generally speaking, stock weakness usually makes bonds more attractive while stock gains tend to draw funds from bonds, leading to higher mortgage rates. I suspect we won't see too much volatility the next day or so, easing the risk of floating an interest rate. However, conditions can change at any time so please maintain contact with your mortgage professional if still floating a rate, especially if closing in the near future.

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.