Friday's bond market opened flat after that morning's economic data brought no significant surprises. The stock markets were also relatively calm with the Dow down 4 points and the Nasdaq down 3 points. The bond market was nearly unchanged from yesterday's close, but we will still likely see an increase of approximately .125 of a discount point.

Thursday's 7-year Treasury Note auction actually went fairly well, especially when compared to Wednesday's 5-year sale. However, the bond market wasn't too impressed and we saw some lenders revise rates upward Thursday afternoon. Many may have chosen to reflect that revision in Friday's rates, but overall we should see a slight increase.

There were two economic reports posted Friday morning, but neither was considered highly important. The first was the final reading to the 1st Quarter Gross Domestic Prod uct (GDP) that came in at 2.7% annual rate of growth. This was a downward revision from the previous estimate, which is good news for bonds and mortgage rates. It means that the economy did not grow as much as previously thought during the first three months of the year. Unfortunately, this data is too old to have much influence on the markets and mortgage rates or we would have likely seen an improvement in today's rates.

The second report of the day was the University of Michigan's revision to their Index of Consumer Sentiment. It revealed a reading of 76.0, up from the preliminary reading of 75.5. That means surveyed consumers were a little more optimistic about their own financial situations than they were earlier this month and they may be slightly more willing to make large purchases in the near future. Ideally, a downward revision would have been preferred, but it was not enough of a change to affect this morning's mortgage rates.

Next week is busy with relevant economic reports scheduled for release every day except Wednesday. Monday does bring us some fairly important data when May's Personal Income and Outlay figures will be posted. The week closes with the almighty Employment report Friday, but there is some fairly important reports being released in between. Look for more details on next week's events in Sunday's weekly preview.

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.