• Tuesday’s mortgage rates should be approximately .125 of a discount point higher than Monday’s early pricing. The bond market is currently down 6/32 (4.27%).

 • Stocks are rallying with the Dow up 346 points and the Nasdaq up 93 points.

 • March Retail Sales report was released at 8:30 AM ET this morning, revealing consumers spent much more last month than many had thought. The 1.7% rise in retail-level sales exceeded forecasts of a 1.4% increase.

 • A secondary reading in today’s report that excludes more volatile and costly auto sales also exceeded expectations (up 1.9% vs 1.2%).

 • Because consumer spending makes up over two-thirds of the U.S. economy and bonds are less appealing to investors during stronger economic times, this morning’s report is bad news for mortgage rates.

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

 • The only scheduled event that we will be watching tomorrow is the 1:00 PM ET results announcement of the 20-year Treasury Bond auction. If the results show there was a strong demand for the securities, we could see bonds improve this afternoon, possibly leading to a minor improvement in mortgage pricing.

 • 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.