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Lake Tahoe Mortgage Rate Trends- November 25, 2015

Wednesday’s bond market has opened flat despite a batch of mostly unfavorable economic news. The stock markets are showing minor gains of 20 points in the Dow and 12 points in the Nasdaq. The bond market is currently up 1/32 (2.23%), which should keep this morning’s mortgage rates at yesterday’s levels.

The first of this morning’s four economic reports was October’s Durable Goods Orders at 8:30 AM ET. The Commerce Department announced a 3.0% increase in new orders for big-tickets products at U.S. manufacturers. These are items with a life expectancy of three or more years. Analysts were expecting to see only a 1.5% increase, indicating manufacturing sector strength. However, this data is known to be volatile from month to month and a secondary reading that excludes more volatile and pricey transportation-related products, such as new airplanes, matched forecasts of a 0.5% rise. Those two points have helped prevent a negative reaction in bonds this morning as this was the most important data of the day.

October’s Personal Income and Outlays data was also posted at 8:30 AM. It showed that income rose 0.4% and spending rose 0.1% last month. The income reading pegged predictions but the spending reading fell short of forecasts. That makes the data positive for bonds and mortgage rates because consumer spending makes up a significant portion of our economy. Slower than expected signs of spending means overall economic growth may be softer than thought and bonds tend to thrive in weaker economic conditions.

Last week’s unemployment figures showed that new filings for unemployment benefits dipped to 260,000. This was lower than the 272,000 that was forecasted, giving a sign that the employment sector was stronger than expected last week. This is bad news for bonds and mortgage rates, but because this is only a weekly report it has had little influence on this morning’s mortgage rates.

Lastly, October’s New Home Sales report at 10:00 AM revealed a 10.7% increase in sales of newly constructed homes. This was a larger increase than was expected, pointing towards a strengthening new home portion of the housing sector. This is a minor report though that tracks a small portion of all home sales. Therefore, it also has not moved this morning’s mortgage pricing.

There is also a Treasury auction taking place today that has the potential to affect mortgage rates. Yesterday’s 5-year Note sale went fairly well but not overly strong. The bond market had little reaction to that sale, but a strong sale today could help push bond prices higher and mortgage rates slightly lower ahead of the holiday. Today’s auction results will be posted at 11:30 AM ET, so look for a reaction to them around mid-day.

The financial and mortgage markets will be closed tomorrow for the Thanksgiving holiday. They will reopen Friday morning but for a shortened trading day. There will be no report tomorrow but we will update Friday even though it should be a very light and thin trading day in the markets. We would like to take this opportunity to wish our readers a safe and wonderful holiday!

Lake Tahoe Mortgage Rate Trends- November 24, 2015

Tuesday’s bond market has opened in positive territory following mixed economic news. Stocks are showing moderate losses with the Dow down 77 points and the Nasdaq down 34 points. The bond market is currently up 4/32 (2.22%), which should improve this morning’s mortgage rates slightly from yesterday’s levels.

The first revision of the 3rd Quarter Gross Domestic Product (GDP) was released at 8:30 AM ET this morning. It showed a 2.1% annual rate of growth in the GDP during the quarter, up from the initial estimate of 1.5%. Analysts were expecting to see a 2.0% rate, meaning the economy grew at a faster pace in the July through September months than previously announced and at a slightly stronger rate than many had expected today’s release to show. The upward revision is basically bad news for bonds, but since the market was already expecting the change, the variance is pretty minimal and has had only a slight impact on today’s mortgage rates.

November’s Consumer Confidence Index (CCI) was also posted this morning. The 10:00 AM ET posting showed a reading of 90.4 that was the lowest reading in over a year. A reading of 99.6 was forecasted, indicating that fewer surveyed consumers felt good about their own financial and employment situations than did in October. That makes the data good news for bonds and mortgage rates.

We also have the 5-year Treasury Note auction to watch for today. This is the first of the week’s two Treasury auctions that have the potential to affect mortgage rates. 7-year Notes will be sold tomorrow. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions in mortgage rates. However, strong investor demand usually makes bonds more attractive to investors and brings more funds into the bond market. The buying of bonds that follows often translates into lower mortgage rates. Results of the today’s sale will be posted at 1:00 PM ET, so any reaction will come during early afternoon trading. Results of tomorrow’s sale are currently set for 11:30 AM ET.

Tomorrow has four economic reports that we need to be concerned with. The first is October’s Durable Goods Orders at 8:30 AM ET. This data helps us measure manufacturing strength by tracking orders for big-ticket items or products that are expected to last three or more years, such as airplanes, appliances and electronics. This data is known to be quite volatile from month-to-month, so sizable swings from the previous month are fairly normal. It is expected to show a 1.5% rise in new orders. A smaller than expected increase would be considered good news for the bond market and mortgage rates as it would indicate the manufacturing sector was not as strong as thought. We need to see a sizable variance from forecasts though for the markets to have a noticeable reaction due to the usual volatility in the data. It is worth noting though that this is one of the more important reports we get each month.

October’s Personal Income and Outlays data is the second report of the day. This data measures consumers’ ability to spend and their current spending habits. It is important because consumer spending is such a large part of the U.S. economy. It is expected to show that income rose 0.4% and that spending increased 0.3%. Weaker than expected readings would mean consumers had less money to spend and were spending less than thought. That would be favorable news for bonds and could lead to improvements in mortgage rates early tomorrow morning.

Next up is last week’s unemployment figures that are expected to show that 272,000 new claims for unemployment benefits were filed last week. This would be a slight change from the previous week’s 271,000 initial claims. The higher the number of filings, the better the news it is for mortgage rates because rising claims indicates a weakening employment sector.

October’s New Home Sales report will close out the week’s economic calendar. It will give us an indication of housing sector strength, but is the week’s least important monthly release. Analysts are expecting to see an increase between September and October’s sales of newly constructed homes. It will take a large change in sales for this data to influence mortgage rates, partly because this report tracks such a small portion of all home sales.

Lake Tahoe Mortgage Rate Trends- November 23, 2015

Monday’s bond market has opened down slightly despite favorable housing news. The stock markets are starting the week with minor gains of 28 points in the Dow and 23 points in the Nasdaq. The bond market is currently down 2/32 (2.27%), which should push this morning’s mortgage rates higher by approximately .125 of a discount point. Most of that increase though is coming from weakness late Friday and not a result of this morning’s economic data.

Today’s only relevant economic data was October’s Existing Home Sales data at 10:00 AM ET. The National Association of Realtors announced that home resales fell 3.4% last month. That was a larger than expected decline and indicates the housing sector was weaker than analysts thought. Because a weakening housing sector makes broader economic growth more difficult, we should consider the data good news for bonds and mortgage rates. Unfortunately, this is only a moderately important report and did not have a noticeable influence on this morning’s mortgage pricing.

Tomorrow morning has two reports set for release, starting with the first revision to the 3rd Quarter Gross Domestic Product (GDP) at 8:30 AM ET. It is expected to show an upward revision to last month’s preliminary reading of a 1.5% annual rate of growth. The GDP measures the total of all goods and services produced in the U.S. and is considered to be the benchmark measurement of economic growth. Current forecasts call for a reading of approximately 2.0%, meaning that there was more economic activity during the third quarter than previously thought. This would be bad news for the bond market and mortgage rates because strengthening economic growth makes bonds less appealing to investors that hurts bond prices and mortgage rates.

November’s Consumer Confidence Index (CCI) will be released at 10:00 AM ET tomorrow morning by the Conference Board. This index helps us track consumer willingness to spend. If a consumer’s confidence in their own financial and employment situation is strong, analysts believe that they are more apt to make larger purchases, fueling economic growth. This is important because consumer spending makes up over two-thirds of the U.S. economy and makes long-term securities such as mortgage-related bonds less attractive to investors. Analysts are expecting to see an increase in confidence from last month’s level, meaning surveyed consumers were more optimistic about their own financial situations this month than they were last month. A weaker reading than the 99.6 that is expected would be good news for mortgage rates, while a stronger reading could push mortgage rates higher Tuesday.

Also tomorrow is the first of this week’s two Treasury auctions that have the potential to affect mortgage rates. 5-year Treasury Notes will be sold tomorrow while 7-year Notes go Wednesday. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions in mortgage rates. However, strong investor demand usually makes bonds more attractive to investors and brings more funds into the bond market. The buying of bonds that follows often translates into lower mortgage rates. Results of the tomorrow’s sale will be posted at 1:00 PM ET, so any reaction will come during early afternoon trading.

Overall, I am expecting Wednesday to be the busiest day for the bond market and mortgage rates with three of the week’s reports scheduled, but tomorrow is likely to be pretty active also. The calmest day of the week will most likely be Friday as many traders will be home for the long weekend following Thursday’s Thanksgiving holiday.

Lake Tahoe Mortgage Rate Trends- November 22, 2015

This holiday-shortened week brings us the release of six relevant economic reports for the markets to digest in addition to a couple of Treasury auctions that have the potential to affect rates. All of the week’s data is being posted over three days, partly due to the Thanksgiving holiday, so the first part of the week should be the most interesting for mortgage shoppers.

October’s Existing Home Sales data will start the week’s calendar late tomorrow morning. The National Association of Realtors will give us a measurement of housing sector strength and mortgage credit demand by tracking home resales in the U.S. This report is expected to show a small decline, meaning the housing sector softened slightly last month. That would be relatively good news for the bond market and mortgage pricing, but unless it shows a significant surprise, it will likely not have a major impact on mortgage rates.

Tuesday morning has two reports set for release, starting with the first revision to the 3rd Quarter Gross Domestic Product (GDP) at 8:30 AM ET. It is expected to show an upward revision to last month’s preliminary reading of a 1.5% annual rate of growth. The GDP measures the total of all goods and services produced in the U.S. and is considered to be the benchmark measurement of economic growth. Current forecasts call for a reading of approximately 2.0%, meaning that there was more economic activity during the third quarter than previously thought. This would be bad news for the bond market and mortgage rates because strengthening economic growth makes bonds less appealing to investors that hurts bond prices and mortgage rates.

November’s Consumer Confidence Index (CCI) will be released late Tuesday morning by the Conference Board. This index helps us track consumer willingness to spend. If a consumer’s confidence in their own financial and employment situation is strong, analysts believe that they are more apt to make larger purchases, fueling economic growth. This is important because consumer spending makes up over two-thirds of the U.S. economy and makes long-term securities such as mortgage-related bonds less attractive to investors. Analysts are expecting to see an increase in confidence from last month’s level, meaning surveyed consumers were more optimistic about their own financial situations this month than they were last month. A weaker reading than the 99.6 that is expected would be good news for mortgage rates, while a stronger reading could push mortgage rates higher Tuesday.

Wednesday has the remaining three economic reports that we need to be concerned with. The first is October’s Durable Goods Orders at 8:30 AM ET. This data helps us measure manufacturing strength by tracking orders for big-ticket items or products that are expected to last three or more years, such as airplanes, appliances and electronics. This data is known to be quite volatile from month-to-month, so sizable swings from the previous month are fairly normal. It is expected to show a 1.5% rise in new orders. A smaller than expected increase would be considered good news for the bond market and mortgage rates as it would indicate the manufacturing sector was not as strong as thought. We need to see a sizable variance from forecasts though for the markets to have a noticeable reaction due to the usual volatility in the data. It is worth noting though that this is one of the more important reports we get each month.

October’s Personal Income and Outlays data is the second report of the day. This data measures consumers’ ability to spend and their current spending habits. It is important because consumer spending is such a large part of the U.S. economy. It is expected to show that income rose 0.4% and that spending increased 0.3%. Weaker than expected readings would mean consumers had less money to spend and were spending less than thought. That would be favorable news for bonds and could lead to improvements in mortgage rates Wednesday morning.

October’s New Home Sales report will close out the week’s economic calendar. It will give us an indication of housing sector strength, but is the week’s least important release. Analysts are expecting to see an increase between September and October’s sales of newly constructed homes. It will take a large change in sales for this data to influence mortgage rates, partly because this report tracks such a small portion of all home sales.

In addition to this week’s economic reports, there are two relatively important Treasury auctions that may also influence bond trading enough to affect mortgage rates. There will be an auction of 5-year Treasury Notes Tuesday and 7-year Notes on Wednesday. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions in mortgage rates. However, strong investor demand usually make bonds more attractive to investors and brings more funds into the bond market. The buying of bonds that follows often translates into lower mortgage rates. Results of the Tuesday’s sale will be posted at 1:00 PM ET while Wednesday’s will be at 11:30 AM ET. Any reaction to the sales will come shortly after results are posted.

The financial markets will be closed Thursday in observance of the Thanksgiving Day holiday. There will not be an early close Wednesday ahead of the holiday, but the stock and bond markets will close early Friday and will reopen next Monday morning. I suspect that Friday will be a very light day in bond trading as many market participants will be home. The same can be said to some degree Wednesday afternoon also. Banks have to be open Friday, but we will likely see little change to mortgage rates that day.

Overall, I am expecting Wednesday to be the busiest day for the bond market and mortgage rates with three of the week’s reports scheduled, but Tuesday is likely to be pretty active also. The calmest day of the week will most likely be Friday as many traders will be home for the long weekend rather than in the office working.

Lake Tahoe Mortgage Rate Trends- November 20, 2015

Friday’s bond market has opened fairly flat with stocks posting solid gains and not much else to drive trading. The major stock indexes are looking to close the week out on a strong note with the Dow up 124 points and the Nasdaq up 28 points. The bond market is currently up 3/32 (2.23%), which should keep this morning’s mortgage rates at yesterday’s levels.

There is nothing scheduled for release today that is expected to affect mortgage rates. If we see a move in rates before the end of the day it will likely be minor. Unless stocks give back most of this morning’s gains or extend them noticeably from their current levels, mortgage rates should remain calm the rest of the day.

We have a busy calendar next week with a handful of relevant economic reports scheduled and a couple of Treasury auctions that may influence mortgage rates. All of them will come over three day because of the Thanksgiving Holiday Thursday and a shortened day Friday.

There is data scheduled for Monday that is worth watching. The National Association of Realtors will post October’s Existing Home Sales report late Monday morning. Look for details on it and the rest of the week’s activities in Sunday evening’s weekly preview.

Lake Tahoe Mortgage Rate Trends- November 19, 2015

Thursday’s bond market has opened in positive territory, extending yesterday’s late gains. The stock markets are flat with the Dow and Nasdaq both nearly unchanged from yesterday’s close. The bond market is currently up 8/32 (2.24%), which should improve this morning’s mortgage rates by a little more than .125 of a discount point if comparing to Wednesday’s morning’s rates.

Yesterday afternoon’s FOMC minutes didn’t reveal too many surprises but did seem to strengthen the likelihood the Fed will raise short-term interest rates at next month’s FOMC meeting. There was some discussion on verbiage of the post-meeting statement that a couple members felt would misrepresent their stance as being firm on making a move next month. We will get this month’s employment figures before that meeting, so they will be highly influential in the Fed’s decision that will come mid-month. Both the bond and stock markets reacted favorably after the minutes were released, leading to some minor lender rate improvements during afternoon trading.

This morning’s first report was last week’s unemployment figures at 8:30 AM ET that revealed 271,000 new claims for unemployment benefits were filed last week. This was a decline from the 276,000 of the previous week and just below forecasts of 272,000 initial claims, hinting that the employment sector strengthened slightly last week. Since it is only a weekly report and did not miss forecasts by much, we can consider this news neutral for the bond and mortgage markets.

At 10:00 AM ET this morning, the Conference Board posted their Leading Economic Indicators (LEI) for October. It showed a 0.6% rise, meaning the indicators are pointing towards economic growth over the next three to six months. That isn’t good news for bonds, but since it pegged forecasts and the report is not considered to be that important, it has had no influence on today’s mortgage pricing.

Tomorrow has nothing scheduled for release that is of relevance to the bond market or mortgage rates. We can expect stocks to have some impact on bond trading, but unless something unexpected happens it will probably be a pretty calm day in terms of movement in rates.

Lake Tahoe Mortgage Rate Trends- November 18, 2015

Wednesday’s bond market has opened in negative territory despite more favorable economic news. The stock markets are contributing with the Dow up 103 points and the Nasdaq up 28 points. The bond market is currently down 7/32 (2.29%), but due to strength late yesterday we still should see a slight improvement in today’s mortgage rates if comparing to yesterday’s morning pricing.

October’s Housing Starts was this morning’s only economic data. It showed an 11.0% decline in new home groundbreakings. That was significantly softer than analysts were expecting and indicates weakness in the new home portion of the housing sector. That is certainly good news for bonds and mortgage rates. However, this is not a highly influential report and unable to offset a general negative tone in this morning’s trading.

We also have the minutes from the last FOMC meeting later today. Traders will be looking for any indication of the Fed’s next move regarding monetary policy, particularly when the first rate increase will come. They will be released at 2:00 PM ET, so any reaction will come during afternoon trading. This release is one of those that may cause some volatility in the markets after they are posted, or could be a non-factor. If they show anything surprising regarding when the Fed will raise key short-term interest rates, we will see some movement in rates this afternoon.

Tomorrow morning has two minor pieces of economic data set for release. The first will be last week’s unemployment figures at 8:30 AM ET. They are expected to show that 272,000 new claims for benefits were filed, done from 276,000 of the previous week. Ideally, we want to see a large increase in initial claims, indicating employment sector weakness. The higher the number of claims, the better the news it is for mortgage rates. It is worth noting though that this is only a weekly snapshot, so I am not expecting it to have much of an impact on tomorrow’s mortgage pricing.

The final report of the week will come from the Conference Board at 10:00 AM ET tomorrow, when they release their Leading Economic Indicators (LEI) for October. This is a moderately important report that attempts to predict economic activity over the next three to six months. It is expected to show a 0.5% increase, meaning economic activity will likely rise fairly quickly over the next couple of months. Generally speaking, this would be bad news for bonds. But since this data is considered only moderately important, its results need to miss forecasts by a wide margin from forecasts for it to affect mortgage rates.

Lake Tahoe Mortgage Rate Trends- November 17, 2015

Tuesday’s bond market has opened in negative territory despite slightly favorable economic news. The stock markets are calm with the Dow down 12 points and the Nasdaq nearly unchanged from yesterday’s close. The bond market is currently down 7/32 (2.29%), which may push this morning’s mortgage rates slightly higher.

There were two economic reports posted this morning. The first was October’s Consumer Price Index (CPI) at 8:30 AM ET. The Labor Department announced that the overall reading rose 0.2% as did the more important core data that excludes more volatile food and energy prices. Both of these pegged forecasts, meaning there was no surprise pressure or weakness of inflation at the consumer level of the economy. The readings likely won’t alter any thought process about the Fed’s expected rate hike next month.

October’s Industrial Production data was posted mid-morning today, revealing a 0.2% decline in output at U.S. factories, mines and utilities. An increase of 0.1% was expected, indicating that the manufacturing sector may be softer than many had thought. That makes the data good news for the bond market and mortgage rates because it points towards economic weakness. However, this particular report does not carry enough importance in the market to cause a bond rally.

Tomorrow’s only economic data that is worth watching is October’s Housing Starts. This report gives us an indication of housing sector strength by tracking new home groundbreakings, but usually does not have a noticeable impact on mortgage rates. I don’t expect this month’s version to be any different unless it varies greatly from analysts’ forecasts. It is expected to show a drop in starts of new homes, meaning the new home portion of the housing sector softened last month.

We also have the minutes from the last FOMC meeting being posted tomorrow afternoon that has the potential to heavily influence the financial and mortgage markets. Traders will be looking for any indication of the Fed’s next move regarding monetary policy, particularly when the first rate increase will come. They will be released at 2:00 PM ET, so any reaction will come during afternoon trading. This release is one of those that may cause some volatility in the markets after they are posted, or could be a non-factor. If they show anything surprising regarding when the Fed will raise key short-term interest rates, we will see some movement in rates tomorrow afternoon.

Lake Tahoe Mortgage Rate Trends- November 16, 2015

Monday’s bond market has opened in positive territory. The major stock indexes are starting the week relatively flat with the Dow up 27 points and the Nasdaq up 2 points. The bond market is currently up 6/32 (2.25%), which should improve this morning’s mortgage rates slightly from Friday’s morning levels.

There is nothing of relevance scheduled for release today. The rest of the week has four economic reports scheduled that are relevant to mortgage rates in addition to the minutes from last month’s FOMC meeting. One of the reports is considered highly important to the bond market, so we may see a decent amount of movement in rates this week. This is especially true if stocks make a noticeable move higher or lower any particular day.

October’s Consumer Price Index (CPI) from the Labor Department will start the week’s calendar at 8:30 AM ET tomorrow. The CPI measures inflationary pressures at the consumer level of the economy and is one of the more important reports the bond market sees each month. If it reveals stronger than expected readings, indicating that inflationary pressures are rising at the consumer level, the bond market will probably react negatively and cause mortgage rates to move higher. Analysts are expecting to see a 0.2% rise in the overall reading and a 0.2% increase in the core data that excludes more volatile food and energy prices.

Also tomorrow morning will be the release of October’s Industrial Production data at 9:15 AM ET. It gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to reveal a 0.1% increase in production, indicating little strength in the manufacturing sector. Stronger levels of production would be considered bad news for the bond market and mortgage rates, but this report is not expected to greatly influence the markets. Therefore, it will likely take a sizable variance from forecasts for it to have a noticeable impact on mortgage pricing.

Overall, the most active day of the week will probably be tomorrow or Wednesday with two reports being posted each day. The best candidate for calmest day in rates is Friday. Despite the fact this is not a particularly busy week, please maintain contact with your mortgage professional if floating an interest rate and closing in the near future as the markets can get active at any time.

Lake Tahoe Mortgage Rate Trends- November 15, 2015

This week has four economic reports scheduled for release that are relevant to mortgage rates in addition to the minutes from last month’s FOMC meeting. One of the reports is considered highly important to the bond market, so we may see a decent amount of movement in rates this week. This is especially true if stocks make a noticeable move higher or lower any particular day.

October’s Consumer Price Index (CPI) from the Labor Department will start the week’s calendar at 8:30 AM ET Tuesday. The CPI measures inflationary pressures at the consumer level of the economy and is one of the more important reports the bond market sees each month. If it reveals stronger than expected readings, indicating that inflationary pressures are rising at the consumer level, the bond market will probably react negatively and cause mortgage rates to move higher. Analysts are expecting to see a 0.2% rise in the overall reading and a 0.2% increase in the core data that excludes more volatile food and energy prices.

Also Tuesday morning will be the release of October’s Industrial Production data at 9:15 AM ET. It gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to reveal a 0.1% increase in production, indicating little strength in the manufacturing sector. Stronger levels of production would be considered bad news for the bond market and mortgage rates, but this report is not expected to greatly influence the markets. Therefore, it will likely take a sizable variance from forecasts for it to have a noticeable impact on mortgage pricing.

October’s Housing Starts is Wednesday’s only economic data worth watching. This report gives us an indication of housing sector strength, but usually does not have a noticeable impact on mortgage rates. I don’t expect this month’s version to be any different unless it varies greatly from analysts’ forecasts. It is expected to show a drop in starts of new homes, meaning the new home portion of the housing sector softened last month.

However, also worth noting is the release of the minutes from the last FOMC meeting Wednesday afternoon that can have an impact on the financial and mortgage markets. Traders will be looking for any indication of the Fed’s next move regarding monetary policy, particularly when the first rate increase will come. They will be released at 2:00 PM ET, so any reaction will come during afternoon trading. This release is one of those that may cause some volatility in the markets after they are posted, or could be a non-factor. If they show anything surprising regarding when the Fed will raise key short-term interest rates, we will see some movement in rates Wednesday afternoon.

The final report of the week will come from the Conference Board at 10:00 AM ET Thursday, when they release their Leading Economic Indicators (LEI) for October. This is a moderately important report that attempts to predict economic activity over the next three to six months. It is expected to show a 0.5% increase, meaning economic activity will likely rise fairly quickly over the next couple of months. Generally speaking, this would be bad news for bonds. However, since this data is considered only moderately important, its results need to miss forecasts by a wide margin from forecasts for it to affect mortgage rates.

Overall, the most active day of the week will probably be Tuesday or Wednesday with two reports being posted each day. The best candidate for calmest day in rates is Friday as we may see reaction to the Paris terrorist attack tomorrow. Despite the fact this is not a particularly busy week, please maintain contact with your mortgage professional if floating an interest rate and closing in the near future as the markets can get active at any time.