Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Friday’s bond market has opened flat after this morning’s economic data brought no significant surprises. The stock markets are also relatively calm with the Dow down 4 points and the Nasdaq down 3 points. The bond market is nearly unchanged from yesterday’s close, but we will still likely see an increase of approximately .125 of a discount point in this morning’s Massachusetts mortgage rates due to weakness late yesterday.
Yesterday’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 yesterday afternoon. Many may have chosen to reflect that revision in today’s rates, but overall we should see a slight increase compared to yesterday morning’s Massachusetts mortgage rates.
There were two economic reports posted this morning, but neither is considered highly important. The first was the final reading to the 1st Quarter Gross Domestic Product (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 Massachusetts 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 Massachusetts 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 and a preview of next week’s Massachusetts mortgage rates 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…
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.
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