Rate Lock Advisory

Friday, June 21th

Friday’s bond market has opened in positive territory following slightly favorable results from this morning’s economic data. Stocks are mixed with the Dow up 64 points and the Nasdaq down 48 points. The bond market is currently up 2/32 (4.25%), which should keep this morning’s mortgage rates close to Thursday’s early pricing.



30 yr - 4.25%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



Existing Home Sales from National Assoc of Realtors

May’s Existing Home Sales report was one of today’s two 10:00 AM ET economic releases. The National Association of Realtors announced a 0.7% decline in home resales last month. This was a slightly softer decline than was expected, but close enough to forecasts to be a non-factor for this morning’s rates. Also worth noting is that the median existing home sales price set a new record high, beating the previous one set in June 2022. We are labeling the report neutral to slightly favorable for bonds and mortgage rates.



Leading Economic Indicators (LEI) from the Conference Board

The Conference Board released their Leading Economic Indicators (LEI) for March this morning also. They showed a 0.5% decline compared to expectations of a 0.3% drop. The decline means the indicators are predicting weaker economic activity than many had thought. Since bonds tend to thrive in weaker economic conditions, this report is good news for rates. However, the report doesn’t carry enough significance in the markets to allow a better reaction in this morning’s trading.



Inflation News

Next week brings us a relatively large number of economic reports and other events that may affect mortgage rates. Most of what is scheduled is moderately important at best, but one of the reports includes the Fed’s preferred inflation gauge. That release will likely have a strong impact on the markets and mortgage pricing next Friday. Monday doesn’t have anything we need to be concerned about, meaning weekend news could have the biggest impact on rates as the week begins. Look for details on all of next week’s activities in Sunday evening’s weekly preview.

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... 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.