The Massachusetts Mortgage Broker

Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker

Friday’s bond market has opened relatively flat despite weaker than expected inflation data. The stock markets are showing minor gains with the Dow up 16 points and the Nasdaq up 2 points. The bond market is currently nearly unchanged from yesterday’s close, but we will still see an increase of approximately .375 of a discount point in this morning’s Massachusetts mortgage rates compared to yesterday’s morning pricing. This is mostly due to weakness in bonds late yesterday.

The Labor Department posted January’s Consumer Price Index (CPI) this morning, showing a 0.2% increase in the overall reading and a 0.1% decline in the more important core reading. Both were below forecasts, meaning that inflationary pressures were calmer at the consumer level of the economy last month than many had thought. This can be considered favorable news for the bond market and mortgage rates, however, this morning’s news has failed to influence bond buying.

Next week brings us a bunch of relevant economic reports for the markets to digest, but several of them are considered to be lower-tier in regards to importance in the markets. There is no relevant economic data scheduled for release Monday, but Fed Chairman Bernanke will be speaking to the House Financial Services Committee at 11:00 AM ET. As always, his words have the potential influence the markets and mortgage pricing.

There are relevant economic data postings every other day of the week. It appears that as the week progresses, it gets more and more active with economic releases and other events. In addition to the economic reports, there are two semi-important Treasury auctions and second and third appearances by Chairman Bernanke when he gives his semi-annual updates to Congress on the status of the economy. This makes the possibility of seeing changes to Massachusetts mortgage rates highly likely next week. Look for more details on next week’s events in Sunday’s weekly preview.

If I were considering purchasing or refinancing a home and predicting likely Massachusetts 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…
Lock if my closing was taking place between 21 and 60 days…
Lock 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 a Massachusetts mortgage based on the current mortgage market. Your individual situation may be different. Contact me if you would like advice for your particular circumstances.

For detailed information on Massachusetts mortgage rates, check out my article, “Massachusetts Mortgage Rates Revealed – How Lenders Determine Mortgage Rates Every Day“.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as The Massachusetts Mortgage Broker, is a nationally acclaimed mortgage professional committed to educating and empowering consumers about all things mortgage through his popular Massachusetts Mortgage Broker blog.

Geof is a top loan originator for one of the country’s leading mortgage companies, Mortgage Master Inc, with a proven reputation of offering its clients the best Massachusetts mortgage rates and lowest closing costs. He can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

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