•  Tuesday’s mortgage rates should be higher by approximately .125 - .250 of a discount point. The bond market is currently down 6/32 (4.36%).

 • Stocks are showing early losses also with the Dow down 60 points and the Nasdaq down 191 points.

 • Yesterday’s 5-year Treasury Note auction went fairly well despite having no impact on mortgage pricing. The 1:00 PM ET results announcement showed an above average demand for the securities compared to other recent sales. Since these are shorter-term securities, the sale wasn’t overly strong or weak and bonds showed little reaction to the results, we are labeling the auction neutral for mortgage rates.

 • This morning’s sole economic report indicated surveyed consumers felt better about their own finances this month than many had thought. The Conference Board announced at 10:00 AM ET that their Consumer Confidence Index (CCI) for April stands at 92.8, up from March’s revised 92.2. Forecasts had the index falling due to concerns about high oil and gas prices. April’s increase means consumers are likely to spend more since they are more comfortable with the personal financial situations than they were in March.

 • There is also a 7-year Note auction taking place today. Results of it will be posted at 1:00 PM ET, making it an early afternoon event for rates. Favorable news would be a very strong demand for the securities, but yesterday’s sale result don’t leave us too optimistic of that happening.

 • Tomorrow has two morning economic reports set for release before the afternoon FOMC events.

 • First up is March's Durable Goods Orders that gives us an indication of manufacturing sector strength. This report tracks orders for big-ticket items at U.S. factories for products such as appliances, electronics and airplanes. Current forecasts show a 0.5% increase in new orders, signaling a rebound in the manufacturing sector after February’s orders fell 1.4%. Weaker manufacturing activity is favorable news for mortgage rates.

 • February and March Housing Starts reports will be released early tomorrow morning also. This shutdown-delayed data tracks groundbreakings of new home construction and gives us a hint of housing sector strength. The report is expected to show a decline in new starts, pointing to a bit of weakness in the new home portion of the housing sector. Good news for rates would be a sizable decline, but this data doesn't draw a high level of interest.

 • This week's FOMC meeting will adjourn at 2:00 PM ET tomorrow. The overwhelming consensus is that Chairman Powell and friends will leave key short-term interest rates at their current levels to see how higher oil prices will affect inflation over the longer period.

 • The post-meeting statement will be released at 2:00 PM also, which will be followed by what will likely be Chairman Powell’s final FOMC press conference at 2:30 PM ET. This meeting does not include revised economic projections.

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

CLICK HERE to view full detailed report and recommendations

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.