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 following early gains in stocks. The stock markets are looking to close the week with a positive day as the Dow is up 49 points and the Nasdaq has inched higher by 4 points. The bond market is currently down 5/32, which will likely push this morning’s Massachusetts mortgage rates higher by approximately .125 of a discount point.
There is no relevant economic data scheduled for release today. As expected, the stock markets are helping direct the bond market. If stocks move higher, we may see bonds move lower later today enough to possibly cause upward revisions to mortgage pricing. If stocks remain near current levels, we should see Massachusetts mortgage rates follow suit.
Yesterday’s 30-year Bond auction went pretty well. There are several different measurements of whether a sale such as these go well or poorly. Many of the key stats of yesterday’s sale would mean it was met with a strong demand, while only a couple measurements contradict that. But overall, the sale did not go poorly, which in itself is great news for the broader bond market and Massachusetts mortgage rates.
Next week brings us an abundance of economic data and reports that are relevant to Massachusetts mortgage rates. None of them are scheduled to be posted Monday and the week’s least important report is Tuesday’s only data. But between Wednesday and Friday we will get an extremely important inflation reading and a key measurement of consumer spending along with several other reports. We can expect to see the most movement in rates during the middle to latter part of the week, but look for more details on next week’s events 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…
Lock 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.
Comments Closed