Rate Lock Advisory

Tuesday, June 23th

Tuesday’s bond market has opened in positive territory with stocks showing early losses and little else to drive trading. The Dow is now down 19 points after erasing earlier losses and the Nasdaq is down 319 points. The bond market is currently up 9/32 (4.47%), which should improve this morning’s mortgage rates by approximately .125 of a discount point.

9/32

Bonds

30 yr - 4.47%

19

Dow

51,693

319

NASDAQ

25,842

Mortgage Rate Trend

Trailing 90 Days - National Average

  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM

Indexes Affecting Rate Lock

Low

Unknown

New Home Sales

There is nothing of importance scheduled to be posted today. This week’s economic calendar kicks-off late tomorrow morning with the release of May's New Home Sales report at 10:00 AM ET. It tracks sales of newly constructed homes, giving us a small indication of housing sector strength. A strong majority of U.S. home sales are resales that are reflected in the National Association of Realtor’s Existing Home Sales report. Tomorrow’s report is expected to show an increase in new home sales to signal a bit of strength in the sector. Unless there is a significant variance from forecasts, the report will likely have no impact on mortgage rates. A decline would allow the report to be labeled as good news for mortgage pricing.

Medium

Unknown

Treasury Auctions (5,7,10,20,30 year)

Tomorrow also has the first of this week's two Treasury auctions that we will be watching when 5-year Notes are sold. This sale has the potential to affect bond trading enough to alter rates modestly during early afternoon hours tomorrow. The key is how strong investor interest is for the securities. If it was met with a strong demand from investors, we could see bond prices rise and mortgage rates improve slightly during afternoon trading. On the other hand, if the sale draws a lackluster interest from investors, mortgage rates may move a little higher during afternoon trading.

Float / Lock Recommendation

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.

Fidelity Bancorp

Company NMLS#: 326625 | DRE#: 01790174

2990 Inland Empire Blvd. Suite 112
Ontario, CA 91764
Equal Housing LenderEqual Housing Opportunity
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