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 economic data or noticeable stock movements to influence trading. The stock markets are showing modest gains with the Dow up 9 points and the Nasdaq up 3 points. The bond market is currently down 5/32, which should keep this morning’s Massachusetts mortgage rates close to yesterday’s levels.
There is no relevant economic data being posted today. However, it may be a fairly active day for the stock markets since today is “quadruple witching.” This has to do with stock option expirations that must be executed and really has no direct relation to the bond market. But the higher than normal volatility in stocks when this occurs can influence the broader markets. Sometimes that may lead to funds being moved into or out of bonds, however, it usually does not affect Massachusetts mortgage rates unless the swings in the major indexes are significant.
Next week is not too busy in terms of economic reports being released. There are a handful of relevant reports scheduled for release in addition to another FOMC meeting and a couple of Treasury auctions that may influence bond trading and therefore Massachusetts rates.
None of the relevant data is going to be released Monday. The week’s first report comes late Tuesday morning, so the stock markets are likely influence bond trading and Massachusetts mortgage rates Monday. 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.
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