Your Daily Mortgage Commentary & Rate Lock Advice for Massachusetts Mortgage Rates
Courtesy of the Massachusetts Mortgage Broker
Thursday’s bond market has opened relatively flat after this morning’s key inflation data failed to give us any surprises. The stock markets are mixed with the Dow currently up a few points while the Nasdaq has slipped 2 points. The bond market is currently down 2/32, which should keep this morning’s Massachusetts mortgage rates very close to yesterday’s levels.
There were technically three reports posted this morning that are worth noting, but by far the most important was February’s Consumer Price Index (CPI). The Labor Department said that this important measurement of inflation at the consumer level of the economy was unchanged from January. This was slightly weaker than thought, but having more of an impact on trading was the 0.1% increase in the core data reading that excludes more volatile food and energy prices. Even though this matched forecasts, the fact that it did not show a stronger than expected reading has helped make Massachusetts mortgage rates favorable this morning.
The Labor Department also gave us last week’s unemployment figures, reporting that 457,000 new claims for unemployment benefits were filed last week. This was a little higher than what was expected, but since the release tracks only a single week’s worth of claims it takes a large variance for it to significantly influence bond trading or Massachusetts mortgage rates.
The Conference Board posted its Leading Economic Indicators (LEI) for February late this morning. It revealed a 0.1% increase, meaning economic activity should expand slightly over the next several months. This is index is considered to be moderately important to the markets and Massachusetts mortgage rates, so its influence on rates is fairly minimal also.
There is no relevant economic data scheduled for release tomorrow, so look for the stock markets to influence bond trading and mortgage rates. Tomorrow is an important option expiration date, which could translate into a fairly volatile day for the major stock indexes. This means we may see swings in stock prices throughout the day, but I don’t believe it will significantly impact Massachusetts mortgage rates. Tomorrow will likely be a fairly calm day for the mortgage market.
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