Rate Lock Advisory

Tuesday, March 28th

Tuesday’s bond market has opened in negative territory following stronger than expected economic data. Stocks are mixed with the Dow up 74 points and the Nasdaq down 63 points. The bond market is currently down 5/32 (3.55%), which should keep this morning’s mortgage rates pretty close to Monday’s early pricing.



30 yr - 3.55%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



Consumer Confidence Index

Today’s only relevant economic data was March's Consumer Confidence Index (CCI) at 10:00 AM ET. The Conference Board announced a reading of 104.2 that was higher than February’s revised 103.4. The increase means surveyed consumers felt better about their own financial situations than they did last month and are therefore, likely to spend more. Since consumer spending makes up such a large part of the U.S. economy, we have to label the report bad news for mortgage rates.



Fed Talk

Analysts will be watching today’s Senate Banking testimony where several Federal regulators will be speaking about bank oversight and the recent failures. There is not a high probability of seeing a strong reaction in the markets, but it is a hot-topic issue at the moment, meaning the possibility does exist. They will be appearing before the House Financial Services Committee tomorrow also.



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

We also have a Treasury auction to watch later today. 5-year Treasury Notes are being sold today, followed by 7-year Notes tomorrow. Results will be posted at 1:00 PM ET. If there was a strong demand from investors, we may see bonds improve this afternoon and mortgage pricing revise slightly lower before the end of the day. On the other hand, a weak interest in the securities could lead to an upward move in rates.




Tomorrow doesn’t have any relevant economic data scheduled that we need to be concerned with.

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.