Current Connecticut Mortgage Rates Update May 11, 2012 11:36:26 AM EDT

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Topics: Connecticut Mortgage Rate Trends

Mortgage Commentary for Current Connecticut Mortgage Rates

Friday’s bond market has opened up slightly despite some basically unfavorable economic data and early stock gains. The Dow is currently up 36 points while the Nasdaq has gained 16 points. The bond market is currently up 4/32, but we will still likely see a slight increase in current Connecticut mortgage rates of approximately .125 of a discount point.

Connecticut mortgage rates

There were two economic reports posted this morning. The first was April’s Producer Price Index (PPI) early this morning from the Labor Department. They announced a decline in the overall reading of 0.2% when it was expected to remain unchanged. That is generally good news for the bond market, but the more important core data reading matched forecasts, minimizing the impact on this morning’s Connecticut mortgage rates.

Late this morning, the University of Michigan released their Index of Consumer Sentiment, announcing a reading of 77.8, exceeding forecasts of 76.0. This means surveyed consumers were more optimistic about their own financial situations than many had expected. That makes the data negative for bonds and Connecticut mortgage rates because higher levels of consumer sentiment means they are more apt to make a large purchase in the near future, fueling economic growth.

Next week has several important economic reports scheduled, including today’s sister inflation report- the Consumer Price Index (CPI) and a key measurement of consumer spending, along with others. Everything is due the middle part of the week, with nothing on the agenda for Monday. This means we can expect weekend news and stock trading to be the biggest influences on Monday’s Connecticut mortgage pricing. Look for details on next week’s event in Sunday’s weekly preview.

Connecticut mortgage rates

Rate Lock Advice for Current Connecticut Mortgage Rates

If I were considering purchasing or refinancing a home and predicting likely Connecticut mortgage rates, 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 a general opinion of what I would do if I were considering whether to lock or float current Connecticut mortgage rates based on the current mortgage market. Your individual situation may be different. Contact me if you would like advice for your particular circumstances.

Copyright : Mortgage Commentary

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