Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Monday’s bond market has opened down slightly due mostly to a positive open for stocks. The stock markets are showing early strength with the Dow up 42 points and the Nasdaq up 11 points. The bond market is currently down 2/32, which should keep this morning’s Massachusetts mortgage rates at Friday’s levels.
Today’s only relevant economic data was February’s Personal Income & Outlays that was posted early this morning. It showed a 0.3% increase in spending that matched forecasts but no change in personal income. This means that income was smaller than many had thought and that spending levels did not surprise. This can be considered slightly favorable news for bonds because market participants were expecting to see a slight increase in income. That translates into a little less money to spend. However, these results are not having much of an influence on the markets or Massachusetts mortgage rates this morning.
March’s Consumer Confidence Index (CCI) will be posted late tomorrow morning. This index gives us an indication of consumers’ willingness to spend. Bond traders watch this data closely because consumer spending makes up two-thirds of our economy. If this report shows that confidence is falling, it would indicate that consumers are more apt to delay making large purchases. If the report reveals that confidence looks to be growing, we may see bond traders sell, pushing Massachusetts mortgage rates higher tomorrow morning. It is expected to show an increase from February’s 46.0 reading to 50.0 for March.
Overall, I expect to see the most movement in rates either Thursday or Friday. Friday is the most important day of the week with the employment numbers being released, but we will likely see a fair amount of movement in Massachusetts mortgage rates Thursday morning also. In general, it will probably be pretty active week.
Also worth noting is that fact that the stock markets will be closed Friday in observance of the Good Friday holiday, but the bond market will open for trading until noon. This will likely create additional volatility in Massachusetts mortgage rates Thursday afternoon and especially Friday morning. Accordingly, it would be prudent to maintain contact with your mortgage professional if still floating an interest rate.
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…
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 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.
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.
Related posts:
- Mortgage Rate Trends for Massachusetts Mortgage Rates – Updated on Mar 28 2010 9:06PM EST Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts...
- Mortgage Rate Trends for Massachusetts Mortgage Rates – Updated on Mar 7 2010 8:12PM EST Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts...
- Mortgage Rate Trends for Massachusetts Mortgage Rates – Updated on Feb 28 2010 8:13PM EST Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts...
- Mortgage Rate Trends for Massachusetts Mortgage Rates – Updated on Feb 22 2010 1:45PM EST Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts...
- Mortgage Rate Trends for Massachusetts Mortgage Rates – Updated on Feb 21 2010 10:47PM EST Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts...
Related posts brought to you by Yet Another Related Posts Plugin.
No Comments so far ↓
Comments are closed.