Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Tuesday’s bond market has opened fairly flat following a calm open in stocks and no major surprises in this morning’s economic data. The stock markets are close to Friday’s closing levels with the Dow down a couple points and the Nasdaq nearly unchanged. The bond market is currently up 2/32, but we will likely see an improvement in this morning’s Massachusetts mortgage rates of approximately .125 – .250 of a discount point due to strength late Friday.
The Institute for Supply Management (ISM) said late this morning that their manufacturing index rose last month to a reading of 59.7. This was slightly higher than revised forecasts, meaning manufacturer sentiment was a little stronger than thought. That is negative news for bonds, but it was not enough of a variance to heavily influence trading or Massachusetts mortgage rates this morning.
There is no relevant data scheduled for release tomorrow, so look for the stock markets to help drive bond trading and Massachusetts mortgage rates. If the major stock indexes remain calm, mortgage rates should follow suit.
Overall, will likely to be the most important day of the week for Massachusetts mortgage rates with May’s Employment report being posted. The rest of the week’s data could also lead to noticeable changes in mortgage rates and we also need to watch for stock market volatility. I suspect this will be a fairly active week for rates, but most of the changes will probably come the latter part of the week.
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…
Lock if my closing was taking place between 21 and 60 days…
Lock 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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