There have been wild swings overnight in the international Stock and Bond Market over concerns of global recession.
This week is FULL of economic reports due to be released, but I will focus on the Federal Reserve meeting this Wednesday at 2:15 p.m ET. There is a high probability of the Fed lowering the discount rate .5% and there are rumors of possibly a .75% decrease. At their last meeting there was a 100% chance in the Bond market futures that the Fed would lower the rate by .50%, and as you might remember, the Fed DIDN'T lower the rate.
Really, regardless of whether the Fed lowers or doesn't lower the Fed Rate, the Bond market reacts negatively to the move and Bond prices have suffered. For this reason, I recommend Locking and will let you know if things change.
Housing news released today: New home sales were up by 2.7% and inventory is the lowest in 4 years and the average new home sales price is $218,400, down 9.1% in the past year.