Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Friday’s bond market has opened down slightly with no relevant data to drive trading. The stock markets are mixed with the Dow up 24 points and the Nasdaq down 3 points. The bond market is currently down 3/32, but due to yesterday’s late strength we should see an improvement of approximately .125 of a discount point in this morning’s Massachusetts mortgage rates.
There is no relevant economic data scheduled for release today, leaving the stock markets to influence bond trading and mortgage pricing. With an uneventful morning in stocks, the bond market has followed suit for the most part. If the major stock indexes remain near current levels throughout the day, Massachusetts mortgage rates should do the same.
Next week is fairly busy with quite a few relevant economic reports scheduled. There is monthly or quarterly data being posted every day except one, including Monday when we get the sister release of yesterday’s housing report. The only data Monday is June’s New Home Sales that tracks the remaining 15% of housing transactions that yesterday’s Existing Home Sales report did not. However, it is next week’s least important data for Massachusetts mortgage rates.
The rest of the week’s releases include measurements of consumer confidence, manufacturing sector strength and employer costs for wages and benefits in addition to the Fed Beige Book that tracks economic conditions by Fed regions and two relevant Treasury auctions. The big news will be the initial reading on the 2nd Quarter Gross Domestic Product (GDP), but look for more details on next week’s events and 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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