By James Brooks

The bond market is up 3/32 (2.25%), we still should see a slight improvement in Raleigh area mortgage rates.

There is nothing of importance set for release today. The rest of the week brings us the release of only three pieces of monthly or quarterly economic data, but two of them are considered very important to the financial and mortgage markets. In addition to the economic data, there are two Treasury auctions scheduled that have the potential to influence mortgage rates.

If we see a move in bonds later today, it will likely be a result of stock strength or weakness. Generally speaking, stock strength draws interest away from bonds, causing yields and mortgage rates to move higher. However, when sticks go into selling mode, we often see funds shift into bonds for safety. That drive prices higher (yields lower) and leads to lower mortgage pricing. If the major stock indexes remain near current levels today, there is a strong chance that bonds and mortgage rates will follow suit.

Overall, Thursday or Friday appear to be the best candidates for most active day with the most important reports being released those days. The calmest day for rates will probably be tomorrow, although stocks can change that if they rally or sell-off any day. The week is end-loaded with the most important events coming the latter days and little the early days. However, it still would be prudent to keep an eye on the markets and maintain contact with your mortgage professional if still floating an interest rate and closing in the near future as circumstances can change at any time.

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... Lock if my closing was taking place over 60 days from now.