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 despite another round of stock selling. The stock markets are showing losses again, but they are well above earlier lows. The Dow is currently down 13 points after losing as much as 92 points earlier this morning. The Nasdaq’s rebound has been much less noticeable with it currently down 19 points and only 9 points off its earlier low. The bond market is down 2/32, but we may see a slight improvement in this morning’s Massachusetts mortgage rates due to strength in bonds late yesterday.
There is no relevant economic news scheduled for release today. We saw bond prices rise during afternoon trading yesterday as the major stock indexes continued to move lower throughout the day. The stock selling created a shift in funds from stocks to bonds as investors sought safety from the volatility. This led some lenders to revise pricing lower during afternoon hours, but many may have opted until this morning’s rates to reflect that change.
With no data or significant events scheduled for today, expect to see the stock markets be the biggest influence on changes to bond prices and mortgage rates this afternoon. If the major stock indexes continue their upward move from this morning’s lows, we will likely see those funds that were moved into bonds yesterday shifted back into stocks. The end result may be a small upward revision to Massachusetts mortgage rates this afternoon, if this morning’s trend continues.
Next week looks to be fairly active with the release of a couple of important reports and another FOMC meeting scheduled. One of them is an extremely important quarterly release that gives us a key measurement of economic activity. There is data scheduled for Monday morning when the National Association of Realtors posts December’s home resale figures, which is expected show a decline in sales. Look for more information and 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.
For detailed information on Massachusetts mortgage rates, check out my article, “Massachusetts Mortgage Rates Revealed – How Lenders Determine Mortgage Rates Every Day“.
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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