Rate Lock Advisory

Thursday, June 8th

Thursday’s bond market has opened in positive territory following favorable economic news. Stocks are showing early gains with the Dow up 44 points and the Nasdaq up 35 points. The bond market initially opened in negative ground, extending overnight weakness, before rebounding into positive ground. It is currently up 11/32 (3.75%), but relatively strong selling late yesterday is going to keep this morning’s mortgage rates close to Wednesday’s early pricing. If you saw an intraday increase or two yesterday before closing, you should see an improvement this morning of approximately the same amount.



30 yr - 3.75%







Mortgage Rate Trend

Trailing 90 Days - National Average

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

Indexes Affecting Rate Lock



Weekly Unemployment Claims (every Thursday)

Today’s only relevant economic data was last week’s unemployment update at 8:30 AM ET. It revealed new claims for benefits spiked to 261,000 during the week, touching their highest level since October 2021. Rising claims signal a weakening employment sector, making the data good news for bonds and mortgage rates. Since this is just a weekly snapshot, we usually see a subdued reaction to the results with little impact on rates. However, with so little scheduled this week, especially the latter days, there has been a bit stronger reaction today than we normally see.



Federal Open Market Committee (FOMC) Statement

There isn’t anything newsworthy scheduled for tomorrow. It is somewhat safe to assume it will be a fairly quiet day for rates unless something very unexpected happens. If there are any headlines that move the markets enough to influence rates, they likely will come from overseas. In contrast to this week, there is plenty scheduled next week that we will be watching, including some highly important economic inflation and economic data along with an FOMC meeting.

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... Lock 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.

Augusta Mortgage Solutions

NMLS#:148529 GA Residential Mortgage Licensee #18861

141 North Belair Road Suite 102 NMLS# 149807
Evans, GA 30809-7431