• Monday’s mortgage rates should be approximately .500 - .750 of a discount point higher if compared to Friday’s early pricing. It is highly likely that you saw an intraday improvement in pricing before Friday’s close, so this morning’s change depends on the size of that revision. The bond market is currently down 7/32 (4.99%).

 • Stocks are showing early losses also with the Dow down 186 points and the Nasdaq down 259 points.

 • There is nothing of importance scheduled for release today. Middle East headlines from the weekend has oil prices higher. The one metric that caused bond selling Friday at $105 per barrel is now at $109 per barrel.

 • Rising oil costs fuel inflation across the economy, causing bonds to lose value and appeal with investors. Accordingly, bond yields and mortgage rates are higher this morning.

 • The rest of the week has just a few pieces of relevant economic data scheduled, but one of them is a major release. In addition to the data, there is another Treasury auction along with the sixth FOMC meeting of the year that is likely to bring plenty of volatility to the markets. And of course. Oil prices and Middle East news may affect bond trading also.

 • Tomorrow also lacks any relevant economic data for the markets to digest.

 • There is a 20-year Treasury Bond auction taking place tomorrow that may affect rates during afternoon trading. If the sale is met with a strong demand from investors like last week’s long-term security sales were, bond prices may rise and mortgage rates could revise lower after results are announced at 1:00 PM ET.

 • Overall, Wednesday is easily the most important day of the week since it has the most influential data (Retail Sales report) and the FOMC events. We may see rates move in the morning and again, at least once maybe more, during late afternoon hours that day.

 • The calmest day for rates will probably be Friday.

 • We are likely going to see plenty of movement in the financial markets and mortgage rates this week, so it would be prudent to keep an eye on them if floating an interest rate and closing in the near future.

 • 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... Float 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.