By Sean Rees
Recommendations for this week
Though the week is not starting off terribly active as today holds no real mortgage-related actions, this week like last week promises to be volatile. One particularly significant report is due to come out toward the end of the week, with some Treasury actions and the semi-annual Fed testimony, for the first time delivered by New Federal Reserve Chair Janet Yellen happening earlier in the week. Any of these events and actions have the potential to move the bond market and mortgage rates along with it.
I recommend locking your rate for any loans set to close in the next 7-10 days. I do not expect even after the potential roller coaster ride from this weeks actions and significant report at the end of the week, we will see any worthwhile mortgage rate drop from last Friday’s position for at least a week if not longer. I would float for any closings set more than 10 days out.
While there may be more opportunity for the bond market to go up and mortgage interest rates to go down toward the end of …read more
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