Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Thursday’s bond market has opened in negative territory following early stock gains and stronger than expected economic results. The stock markets are rebounding from yesterday’s losses with the Dow up 223 points and the Nasdaq up 56 points. The bond market is currently down 12/32, but due to strength late yesterday we will likely see little change in this morning’s Massachusetts mortgage rates.
The Labor Department gave us the first of three economic reports this morning. They said that 464,000 new claims for unemployment benefits were filed last week. This was higher than expected and can be considered good news for bonds and Massachusetts mortgage rates, but the data does not carry enough weight to offset the other reports and stock rally that we are seeing this morning.
The National Association of Realtors said that home resales fell 5.1% last month. While this is a sizable drop and basically favorable news for bonds, it was a smaller decline than many analysts had expected. This means that while home sales fell, they were still stronger than forecasts were calling for. Fortunately for Massachusetts mortgage rates, this data also is not considered to be highly important.
June’s Leading Economic Indicators (LEI) was today’s last report. The Conference Board reported a 0.2% decline, indicating that economic activity is likely to slow in the coming months. Analysts were expecting to see a 0.4% drop in the index, so this data can be considered negative for bonds and Massachusetts mortgage rates.
There is no relevant economic data scheduled for release tomorrow, so look for the stock markets to be the biggest force behind bond trading and mortgage rates. If stocks rally again, we may see increases in mortgage rates. But if the major stock indexes give back some of today’s gains, we may see improvements to Massachusetts mortgage rates tomorrow.
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.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
No Comments so far ↓
Comments are closed.