• Tuesday’s mortgage rates should be close to Friday’s early pricing, possibly modestly higher. The bond market is currently down only 1/32 (4.79%).

 • Stocks are in selling mode, pushing the Dow lower by 625 points and the Nasdaq down 132 points.

 • The financial and mortgage markets were closed yesterday for the Labor Day holiday.

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

 • This weekend’s geopolitical news of escalating military action in the Middle East is hitting stocks as we would expect. However, bonds are holding up fairly well considering that oil is now nearing that critical threshold of $100 a barrel.

 • Don’t be surprised to see afternoon weakness creep into trading this afternoon, possibly causing an intraday increase in rates before the end of the day.

 • The rest of the week brings us four monthly economic reports, along with two Treasury auctions that may come into play during afternoon trading. Two of the economic releases are labeled highly important since they will help us gauge inflationary metrics in the economy.

 • The Fed is now in their mandatory quiet period ahead of next week's FOMC meeting, so we won’t hear much from individual members until then.

 • Activities begin tomorrow afternoon when the results of the 10-year Treasury Note auction are announced at 1:00 PM ET. This auction will give us a good indication of investor appetite for long-term debt, which is relevant because mortgage rates are based on long-term securities. If it draws a strong demand from investors, we could see bonds improve during afternoon trading tomorrow, possibly leading to lower mortgage rates.

 • Overall, Friday is the most important day of the week for rates due to the influence the Consumer Price Index (CPI) carries in the markets, but surprises in Thursday's Producer Price Index could create a big move also.

 • The best candidate for calmest day is tomorrow.

 • We should see the biggest changes in rates Thursday and/or Friday with other days likely to yield minor revisions in pricing.

 • Keep an eye on the markets if still floating an interest rate and closing in the near future since they can get active without warning.

 • 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.