Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Tuesday’s bond market has opened in negative territory following early stock gains. The stock markets are extending yesterday’s gains with the Dow up 40 points while the Nasdaq has gained 11 points. The bond market is currently down 6/32, which will likely push this morning’s Massachusetts mortgage rates higher by approximately .250 of a discount point.
There is no relevant economic data scheduled for release today, leaving the stock markets to drive bond trading and mortgage rates today. If the stock markets extend their current gains, we may see bond prices fall and Massachusetts mortgage rates rise this afternoon. If they give back their early gains, bonds could move into positive ground, leading to downward revisions to mortgage pricing.
The Fed Beige Book will be posted at 2:00 PM ET tomorrow. There is no important data being posted during morning hours. The Beige Book details economic activity throughout the country by region. The Fed relies heavily on this data during their FOMC meetings, so look for a potential reaction during afternoon trading. It probably will not cause a major sell off in the stock or bond markets, but could cause enough movement in bond prices to possibly improve or worsen Massachusetts mortgage rates slightly if it reveals any significant surprises.
There are two reports scheduled for release Thursday that could affect mortgage rates. They are a quarterly productivity index and a measurement of manufacturing sector strength. Neither are considered highly important, but can influence bonds trading enough to affect mortgage rates.
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…
Float 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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