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 relevant economic data to drive trading. The stock markets are showing relatively minor losses with the Dow down 24 points and the Nasdaq down 12 points. The bond market is currently down 3/32, which will likely push this morning’s Massachusetts mortgage rates higher by approximately .125 – .250 of a discount point.
There is no relevant economic data scheduled for release today. This leaves the stock markets to be the most likely contributor if we see any changes to mortgage rates later today. If the major stock indexes move lower than current levels, there is a possibility of seeing bonds improve. However, it will likely require stocks taking a noticeable move lower for bonds to improve enough to revise Massachusetts mortgage rates lower this afternoon.
If the stock markets are able to stage a rally, we can expect to see bonds falter and Massachusetts mortgage rates move higher during afternoon hours. However, it is most likely that we will see a fairly calm day today and little action in the mortgage market.
Next week is fairly light in terms of economic reports. We do have one important manufacturing sector release scheduled, but it is known to be quite volatile from month-to-month so it is difficult to predict its results on Massachusetts mortgage rates. There are a couple of housing sector reports also scheduled along with some less important data and two semi-important Treasury auctions. Nothing of relevance is scheduled until Tuesday morning. Look for details on next week’s event 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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