Unbelievably Super Low Rates Today, but What About The Rest of the Week

Ultimately, yesterdays economic news was GREAT for today’s rates, but there was some major volatile “others” that gave us a mid day worsening. In the end, we saw better rates today still, thanks to Bond gains like I haven’t seen in a long time.
This morning the bond market was currently up 45/32, and usually we see it up on average of around 15/32 or so, so you can imagine how well it started today.
Tomorrow morning brings us the release of weekly unemployment figures from the Labor Department.
Moving.com, my favorite mortgage rate commentary site said the following. This data is not usually of much importance to the markets because it tracks only a week’s worth of new claims. However, the second report of the day is only moderately important so if this data varies greatly from forecasts it could influence bonds enough to affect mortgage pricing. It is expected to show that 55 the week’s last piece of economic news will be posted tomorrow morning with the release of the Conference Board’s Leading Economic Indicators (LEI) for the month of November. This 10:00 AM release attempts to measure economic activity over the next three to six months. It is expected to show a sizable decline in activity, meaning that it predicts slower economic activity over the next several months. This probably will not have much of an impact on bond prices or affect mortgage rates unless it exceeds current forecasts of a 0.5% decline from October’s reading. If it shows a larger decline, the bond market may move slightly higher, improving mortgage rates slightly.
8,000 new claims for benefits were filed last week.
In the end, this just means that they don’t expect rates to sit this low for long, but there may be economic news in the coming weeks that return it to this rate low again soon.
My advice on your lock decision, DON’T BE GREEDY. Lock your loan now.