Rate Lock Advisory

Friday, March 1st

Friday’s bond market has opened in positive territory after this morning’s economic data gave us favorable results. Stocks are mixed again with the Dow down 63 points and the Nasdaq up 67 points. The bond market is currently up 6/32 (4.22%), but bond losses late yesterday should keep this morning’s mortgage rates close to Thursday’s early pricing. If you saw an intraday increase Thursday, you should see a slight improvement in pricing this morning.



30 yr - 4.22%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



ISM Index (Institute for Supply Management)

Both of this morning’s relevant economic reports came at 10:00 AM ET. The Institute for Supply Management (ISM) gave us their February manufacturing index, announcing a 47.8 reading that was much lower than expected. Forecasts had it coming in at 49.5 after January’s 49.1. The decline means fewer surveyed manufacturing executives felt business improved during the month than many had thought. As a sign of slower economic activity, this report was very good news for bonds and mortgage rates.



Univ of Mich Consumer Sentiment (Rev)

The University of Michigan's revised Index of Consumer Sentiment for February was the other report. They announced a reading of 76.9 after the preliminary reading two weeks ago showed 78.8. The lower reading is a sign that surveyed consumers didn’t feel as good about their own financial situations than earlier in the month. Since waning confidence usually translates into softer consumer spending numbers, the decline is also good news for mortgage rates.



Employment Situation

Next week has several economic reports scheduled that are expected to influence mortgage rates, including the almighty monthly Employment report. In addition to the data, there are also two congressional appearances for Fed Chairman Powell. He will be delivering the Fed’s highly important semi-annual update on the economy and monetary policy Wednesday and Thursday. There are events scheduled each day except Monday. Look for details on all of next week’s scheduled 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... Float 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.

Bridgeview Mortgage Corp.

1200 Hempstead Turnpike
Franklin Square, NY 11010