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 If you are considering locking in an interest rate for a New York or Florida Mortgage read this post.

Friday’s bond market has opened in negative territory with no economic data to digest today. The stock markets are showing minor gains with the Dow up 22 points and the Nasdaq up 3 points. The bond market is currently down 12/32, which will likely push this morning’s mortgage rates higher by approximately .125 of a discount point. Offsetting some of this morning’s losses are gains during yesterday’s afternoon trading.

The stock markets opened lower than current levels and as they have moved a little higher bonds have moved lower. This tells us that with no data scheduled for release today, any movement in bonds will likely come from changes in the major stock indexes. If those indexes move higher throughout the day, we could see bonds move lower and mortgage rates revise upward slightly.

Part of this morning’s bond weakness is simply traders protecting themselves over the long weekend. The financial markets will be closed Monday in observance of the President’s Day holiday, but there is no early close today. It is common to see this happen, especially in times of turmoil overseas where a lot can take place over three days.

Next week is moderately busy in terms of economic reports and events that may influence mortgage rates. There is fairly important data scheduled for release Tuesday, which is the next business day. I am assuming that many lenders will be closed Monday also, so this afternoon’s rates will be used until the markets reopen Tuesday morning. Look for more details on next week’s events in Sunday’s weekly preview.

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 borrowers.