Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Tuesday’s bond market has opened relatively flat considering the past few trading sessions. The stock markets are showing early losses with the Dow down 32 points and the Nasdaq down 7 points. The bond market is currently up 2/32, but I don’t believe this will be enough to cause much change to Massachusetts mortgage rates.
There is no relevant economic news scheduled for release today. This will leave the bond market and Massachusetts mortgage rates subject to stock market movements again. As long as the major stock indexes remain near current levels, I suspect that mortgage rates will follow suit. However, afternoon strength or selling in stocks could make bonds less or more appealing to investors and lead to afternoon changes in Massachusetts mortgage rates.
Tomorrow does bring us some economic data, but it is the week’s least important news. March’s Goods and Services Trade Balance report will be released early tomorrow morning, giving us the size of the U.S. trade deficit. It is expected to show a $40.5 billion trade deficit. This report likely will have little impact on tomorrow’s Massachusetts mortgage rates unless it shows a significant variance between forecasts and its actual results.
10-year Treasury Notes will be sold tomorrow and could impact bond prices and Massachusetts mortgage rates. The 30-year Bond sale will take place Thursday. Results of the auctions will be posted at 1:30 PM ET each day. If they are met with a strong demand from investors, we could see bond prices rise enough during afternoon trading to cause downward revisions to mortgage rates. However, lackluster bidding in the sale could lead to higher mortgage pricing those afternoons.
The remaining three economic reports will be released Friday morning. This is when we will get April’s Retail Sales data (highly important), April’s Industrial Production (moderately important) and May’s University of Michigan’s Index of Consumer Sentiment (moderately important).
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.
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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