Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Monday’s bond market has opened flat following a relative calm opening in stocks. The stock markets are kicking the week off in positive ground with the Dow up 23 points and the Nasdaq up 4 points. The bond market is currently up 2/32, which should keep this morning’s Massachusetts mortgage rates at Friday’s levels.
There is no relevant economic data scheduled for release today or tomorrow, leaving bond prices and Massachusetts mortgage rates to the influence of the stock markets. The rest of the week brings us the release of four pieces of data and two relevant Treasury auctions. The most important news will be posted late in the week, so we may see the most movement in rates during those days.
The first report comes Wednesday afternoon when the Federal Reserve will release its Beige Book. This data details economic conditions throughout the U.S. by region. It is relied upon heavily by the Federal Reserve to determine monetary policy during their FOMC meetings. If it shows surprisingly softer economic activity, the bond market may thrive and Massachusetts mortgage rates could drop shortly after the 2:00 PM ET release. If it reveals signs of inflation growing, we could see mortgage rates revise higher Wednesday afternoon.
Overall, it likely is going to be a fairly busy week for the financial markets, but the most action will probably come in the latter days. I think that Friday will be the single most important day of the week with Retail Sales figures being posted, but as we have seen over the past couple of weeks, we don’t need significant news from economic reports for the markets to move heavily and Massachusetts mortgage rates to change significantly. Accordingly, this would be a very good week to maintain fairly constant contact with your mortgage professional.
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