• Tuesday’s mortgage rates should be close to Monday’s early pricing. The bond market is currently down 1/32 (4.03%).

 • Stocks are recovering a good part of yesterday’s sell-off, with the Dow up 301 points and the Nasdaq up 78 points.

 • The Conference Board announced late this morning that their Consumer Confidence Index (CCI) for February stands at 91.2. This was much higher than the 87.3 that was expected, but a sizable upward revision of January’s reading minimizes the importance of February's reading.

 • January’s CCI was revised from the previously announced 84.5 to 89.0. While the reading itself is higher than predicted, the monthly increase is actually inline with expectations. This is why we haven’t seen much of a response to the news in this morning’s bond trading or mortgage pricing.

 • There is no relevant economic data set for release tomorrow.

 • President Trump’s State of the Union address late this evening will likely be the primary reason if there is a noticeable change in rates tomorrow morning. These speeches usually draw just a short-term knee-jerk reaction in the markets and do not begin a long-term trend in either direction. In other words, any reaction tomorrow morning will likely be short-lived and not have a lasting impact on rates.

 • 5-year Treasury Notes are being sold tomorrow, followed by 7-year Notes Thursday. These sales generally do not directly move mortgage pricing, but they can influence general bond market sentiment a bit. A strong demand for the securities usually bring additional funds into the bond market, leading to slightly lower mortgage rates after results are posted at 1:00 PM ET.  

 • Visit our Daily Commentary page on our site for detailed explanations on current news that is relevant to mortgage rates.

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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.