• Friday’s mortgage rates should be higher than Thursday’s early pricing by approximately .125 of a discount point. The bond market is currently down 9/32 (4.05%).

 • Stocks are mixed with the Dow down 70 points and the Nasdaq up 37 points.

 • Yesterday’s 30-year Treasury Bond auction didn’t draw the same level of interest as Wednesday’s 10-year Note sale. The benchmarks we use to gauge investor demand indicated average interest compared to other recent sales instead of the strong level we got Wednesday. The broader bond market was mostly unresponsive to the 1:00 PM ET results announcement.

 • This morning’s sole relevant economic release was September’s Index of Consumer Sentiment from the University of Michigan at 10:00 AM ET. They announced a reading of 55.4 that was well below forecasts of 58.1 and a decline from August’s 58.2. The lower reading means surveyed consumers currently are not as optimistic about their own financial situations as they were last month and are less likely to spend.

 • Next week is light in terms of the number of scheduled economic releases but it also includes a very influential consumer spending report and the highly anticipated FOMC meeting that is expected to bring the first Fed rate cut since last December. This FOMC meeting also includes updated economic forecasts with predictions for future rate cuts.

 • We will detail expectations for it and the rest of the week’s other activities in Sunday evening’s weekly preview.

 • 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.