Rate Lock Advisory

Wednesday, March 20th

Wednesday’s bond market has opened in positive territory, extending the recent rally. Stocks are showing losses with the Dow down 81 points and the Nasdaq down 1 point. The bond market is currently up 7/32 (2.59%), which should improve this morning’s mortgage rates by a little less than .125 of a discount point.



30 yr - 2.59%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



Federal Open Market Committee (FOMC) Statement

There is no relevant economic data set for release this morning. Attention is on this afternoon’s FOMC events with the meeting adjournment and statement, revised Fed economic projections and a press conference with Chairman Powell. The meeting is expected to yield no change to key short-term interest rates. What the markets will be looking for is an indication of when the next rate hike may come and if the Fed will be adjusting their balance sheet reduction plan to slow the current process. The economic projections may also have a heavy influence on trading if they show noticeable changes to current predictions. This will all happen at 2:00 PM ET and 2:30 PM, so any reaction will come during late afternoon trading today.




Look for an update to this report shortly after the markets have an opportunity to react to the Fed events. We do have a couple of minor pieces of economic data set for tomorrow, but they will be addressed in this afternoon’s revision.

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.