•Monday’s mortgage rates should be lower by approximately .125 - .250 of a discount point if comparing to Friday’s early pricing. The bond market is currently up 7/32 (1.06%).

•Stocks are mixed with the Dow down 121 points and the Nasdaq up 158 points.

•There is nothing of relevance scheduled for release today, the only day of the week without at least one item. We are seeing the recent positive momentum in bonds extend into this morning’s trading.

•The rest of the week has eight relevant monthly and quarterly economic reports scheduled that we will be watching, in addition to two Treasury auctions and an FOMC meeting.

•January's Consumer Confidence Index (CCI) will start the week’s activities at 10:00 AM ET tomorrow. It is an indicator of consumer sentiment, which is important because waning confidence in their own financial situations is a sign that consumers are less willing to make large purchases in the near future. A reading much smaller than the expected 88.5 would be ideal for the bond market and mortgage rates.

•Tomorrow also has the first of this week’s two Treasury auctions that may slightly influence mortgage rates. 5-year Notes will be sold tomorrow. A strong demand for the securities could help lower rates. Results will be posted at 1:00 PM ET, so if there is a reaction it will come during early afternoon trading tomorrow.

•Wednesday is the best candidate for most active day for rates due to the Durable Goods Orders data and the FOMC meeting adjournment. We may also see a noticeable move in pricing Thursday after the initial 4th Quarter GDP reading is posted.

•Don’t be surprised to see multiple days with intraday changes in pricing due to morning and afternoon events scheduled three days.

•It would be prudent to keep an eye on the markets if still 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... Float 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.