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Friday’s bond market has opened well in positive territory following the release of fairly favorable economic news and the apparent inability of stocks to add to yesterday’s gains. The stock markets are showing minor losses, but after yesterday’s 339 point gain in the Dow, this morning’s losses are magnified. The Dow is currently down 8 points while the Nasdaq has lost 6 points. The bond market is currently up 21/32, but due to weakness late yesterday, we will probably only see an improvement in Massachusetts mortgage rates of approximately .125 – .250 of a discount point if comparing to yesterday’s morning pricing. As stock prices climbed yesterday afternoon, bond prices suffered and many lenders revised rates higher late in the day.

Yesterday’s 7-year Note auction did not go very well at all. This contributed slightly to the afternoon selling in bonds, but the stock rally was the biggest culprit. As the major stock indexes rose, investors shifted funds away from bonds and back into stocks. The result was upward revisions to Massachusetts mortgage rates, although they are being muted by this morning’s bond rally.

September’s Personal Income and Outlays report that was posted early this morning revealed a 0.1% rise in income and a 0.6% increase in spending. The income reading was weaker than expected, meaning that consumers had less money available to spend than many had thought. That is good news for the bond market because consumer spending makes up two-thirds of the U.S. economy. On the other hand, the spending reading matched forecasts. Even though the 0.6% was not a surprise, it still is a fairly healthy increase that could cause alarms if future reports show similar results. Still, we can consider this data favorable for bonds and Massachusetts mortgage rates.

We also saw the 3rd Quarter Employment Cost Index (ECI) early this morning. It showed an increase of 0.3% that was much smaller than forecasts. This means that employers’ costs for wages and benefits were not rising as quickly as expected. It somewhat correlates with the smaller than predicted increase in September’s personal income. These results ease wage inflation concerns, making this report good news for the bond market and Massachusetts mortgage rates also.

The final report of the day was the revised University of Michigan’s Index of Consumer Sentiment for October. They announced a revised reading of 60.9 that was above the 58.0 that was forecasted. What this means is that surveyed consumers were more optimistic about their own financial situations than previously thought. That is negative news for bond prices and Massachusetts mortgage rates because consumers that are more confident are more likely to make large purchases in the near future, fueling economic growth. However, this revision is considered to be only moderately important to the markets, so it has not derailed this morning’s bond rally and has had no influence on today’s Massachusetts mortgage rates.

Next week isn’t too busy in terms of the number of relevant economic reports scheduled, but it will be an active week nevertheless because of the importance of the data that is being posted that can affect Massachusetts mortgage rates. There is nothing of concern scheduled for Monday, but between Tuesday and Friday we have a highly important manufacturer sentiment index (ISM), the almighty monthly Employment report in addition to a couple other economic pieces and another FOMC meeting all to watch. Look for details on next week’s events in Sunday’s weekly preview.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

Thursday’s bond market has opened down sharply following news that the economy grew at a faster than expected pace last quarter. As a result of that same news, stocks are rallying with the Dow up 229 points and the Nasdaq up 53 points. The bond market is currently down 21/32, which will likely push this morning’s Massachusetts mortgage rates higher by approximately .375 – .500 of a discount point.

This morning’s GDP release showed that the economy grew at a 2.5% annual rate during the 3rd quarter, exceeding forecasts of 2.3%. That certainly makes the data negative news for the bond market and Massachusetts mortgage rates as it shows that the economy is not near another recession that some had feared. Since weaker economic conditions make longer-term securities such as mortgage bonds more attractive to investors, the signs of stronger economic activity have hurt bond prices and Massachusetts mortgage rates this morning.

Also this morning, the Labor Department gave us last week’s unemployment figures. They announced that 402,000 new claims for unemployment benefits were filed last week. This matched forecasts and was very close to the previous week’s total, so it had no impact on this morning’s trading or Massachusetts mortgage pricing.

Yesterday’s 5-year Treasury Note sale went fairly well, considering the recent weakness in bonds. I would like to say that gives hope that today’s 7-year Note auction will also draw a decent interest from investors and Massachusetts mortgage rates may improve this afternoon. However, today’s early selling in bonds makes that difficult. If the sale is met with a very strong demand, we could see some improvements in bonds this afternoon, but it will take much more than just that to erase this morning’s losses.

There are three reports scheduled for release tomorrow that we need to watch. The first is September’s Personal Income and Outlays report at 8:30 AM ET. This data gives us an indication of consumer ability to spend and current spending habits. It is important to the markets because consumer spending makes up two-thirds of the U.S. economy. Rising income generally indicates that consumers have more money to spend, making economic growth more of a possibility. This is bad news for the bond market and Massachusetts mortgage rates because it raises inflation concerns, making long-term securities such as mortgage related bonds less attractive to investors. Analysts are expecting to see a 0.3% increase in income and a 0.6% rise in spending. Smaller than expected increases in both readings would be good news for the bond market and Massachusetts mortgage pricing.

The second report of the day is the 3rd Quarter Employment Cost Index (ECI), also at 8:30 AM ET. This data tracks employer costs for salaries and benefits, giving us an indication of wage inflation pressures. Rapidly rising costs raises wage inflation concerns and may hurt bond prices. It is expected to show an increase in costs of 0.6%. A smaller than expected increase would be good news for Massachusetts mortgage rates as it eases concerns about wage inflation that can spread to other parts of the economy.

The week’s last report comes just before 10:00 AM ET Friday when the University of Michigan updates their Index of Consumer Sentiment for this month. Current forecasts show this index rising to 58.0 from the preliminary reading of 57.5. This report is moderately important because it helps us measure consumer confidence, which is believed to indicate consumers’ willingness to spend. The lower the reading, the better the news for mortgage shoppers and Massachusetts mortgage rates.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

Wednesday’s bond market has opened in negative territory as stocks open with strong gains and this morning’s economic data gave us better than expected results. The major stock indexes appear to be ready to erase a good part yesterday’s losses with the Dow up 107 points and the Nasdaq up 4 points. The bond market is currently down 16/32, but we will likely see little change in today’s Massachusetts mortgage rates due to strength in bonds late yesterday. As stocks fell during afternoon trading Tuesday, bonds improved and some lenders revised mortgage pricing lower. This morning’s bond selling simply erases gains from late yesterday, keeping Massachusetts mortgage rates nearly unchanged.

The Commerce Department gave us both of this morning’s economic reports. First came September’s Durable Goods Orders at 8:30 AM ET. The headline number was a 0.8% decline that was close to forecasts of a 1.0% drop. However, a secondary reading that measure new orders for big-ticket products excluding transportation related orders showed a stronger than expected 1.7% jump. This means that if weaker transportation orders were excluded, such as extremely volatile orders for new airplanes, manufacturing activity was stronger than many had thought last month. This is bad news for the bond market and Massachusetts mortgage rates.

Late this morning, the Commerce Department said that sales of newly constructed homes rose 5.7% last month. This was a larger increase than was expected, indicating that the new home portion of the housing sector was stronger than thought last month. That would make the data unfavorable for bonds and Massachusetts mortgage rates, but because this data is considered of low importance, it has not had an impact on today’s rates.

Today also has the first of two Treasury auctions that has the potential to influence mortgage pricing. 5-year Treasury Notes will be sold today while 7-year Notes will be sold tomorrow. If these sales are met with a strong demand, particularly tomorrow’s auction, bond prices may rise during afternoon trading. This could lead to improvements to Massachusetts mortgage rates shortly after the results of the sales are posted at 1:00 PM ET. But a lackluster investor interest may create selling in the broader bond market and lead to upward revisions to Massachusetts mortgage rates late in the day.

The big news of the week will be released early tomorrow morning when the preliminary reading of the 3rd Quarter Gross Domestic Product (GDP) will be posted. The GDP is considered to be the benchmark measurement of economic growth because it is the sum of all goods and services produced in the U.S. and therefore is likely to have a major impact on the financial markets and Massachusetts mortgage pricing. There are three versions of this report, each a month apart. Tomorrow’s release is the first and usually has the biggest impact on the markets. Current forecasts call for an increase of approximately 2.3% in the GDP, which would mean that the economy grew at a noticeably quicker pace than the 2nd quarter’s 1.3%. If this report does show a much smaller increase, I am expecting to see the bond market rally and Massachusetts mortgage rates fall. However, a larger than expected rise could lead to a rally in stocks, bond selling and a sizable increase in Massachusetts mortgage pricing tomorrow.

Tomorrow also has weekly unemployment numbers from the Labor Department. They are expected to announce that 402,000 new claims for unemployment benefits were filed last week. This would be little change from the previous week, meaning that the employment sector was flat from two weeks ago to last week. This report usually does not carry much significance in the markets since it tracks only a single week’s worth of new claims, unless it shows a sizable variance from forecasts. There is little doubt that the GDP reading will be the focus tomorrow morning, so there is even less chance that the claims numbers will influence Massachusetts mortgage rates this week.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

Tuesday’s bond market has opened in positive territory due to weaker than expected economic news and sizable stock losses. The stock markets are in selling mode with the Dow 128 points and the Nasdaq down 37 points. The bond market is currently up 18/32, which should improve this morning’s Massachusetts mortgage rates by approximately .250 of a discount point.

The Conference Board gave us this morning’s economic news when they posted October’s Consumer Confidence Index (CCI) at 10:00 AM ET. They announced a reading of 39.8 that fell well short of forecasts or 46.0 and was a sizable decline from September’s level. In fact, this was the lowest reading since March of 2009, meaning consumers were much less optimistic about their own financial situations than many had thought. This indicates that consumers are less likely to make a large purchase in the near future, helping to limit economic growth. Even though this data is considered moderately important for the most part, it was enough if a variance from forecasts to influence the financial markets and Massachusetts mortgage rates.

There are two economic reports scheduled for release tomorrow morning. The first is September’s Durable Goods Orders from the Commerce Department at 8:30 AM ET. This report gives us a measurement of manufacturing sector strength by tracking orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. Analysts are currently calling for a decline in new orders of approximately 1.0%. If we see an unexpected increase in orders, Massachusetts mortgage rates will probably rise as bond prices fall. A weaker than expected reading should be good news for the bond market and Massachusetts mortgage rates, but this data can be quite volatile from month to month and is difficult to forecast. Therefore, a small variance from forecasts likely will have little impact on bond trading or Massachusetts mortgage pricing.

September’s New Home Sales will also be released from the Commerce Department, but at 10:00 AM ET. This data covers the remaining 15% of home sales that last week’s Existing Home Sales report didn’t include and is this week’s least important data. It is expected to show an increase in sales of newly constructed homes, but regardless of its results I am not expecting it to have a significant impact on Massachusetts mortgage rates.

Also tomorrow is the first of the two Treasury auctions that have the potential to influence Massachusetts mortgage pricing. Tomorrow’s auction has 5-year Notes being sold while Thursday will be 7-year Notes. If these sales are met with a strong demand, particularly Thursday’s auction, bond prices may rise during afternoon trading. This could lead to improvements to Massachusetts mortgage rates shortly after the results of the sales are posted at 1:00 PM ET each day. But a lackluster investor interest may create selling in the broader bond market and lead to upward revisions to Massachusetts mortgage rates late in the day.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

Monday’s bond market has opened fairly flat with no relevant economic data scheduled for release. This morning’s stock markets are showing noticeable gains with the Dow up 71 points and the Nasdaq up 33 points. The bond market is currently down 1/32, which will likely push this morning’s Massachusetts mortgage rates higher by approximately .125 of a discount point.

With nothing of importance taking place or being released today, look for the stock markets to be the biggest influence on bond trading and Massachusetts mortgage rates today. If the major stock indexes extend their early gains, bond prices may fall further into negative territory, possibly leading to upward revisions to Massachusetts mortgage pricing this afternoon. On the other hand, if stocks give back this morning’s gains, we could see a small improvement to Massachusetts mortgage rates later today.

The rest of the week brings us the release of seven economic reports and two relevant Treasury auctions for the bond market to digest. October’s Consumer Confidence Index (CCI) is the first, coming tomorrow at 10:00 AM ET. This Conference Board index will give us a measurement of consumer willingness to spend and is expected to show a small increase in confidence from last month’s 45.4 reading. That would mean that consumers felt a little better about their own financial situations than last month, indicating they are slightly more likely to make large purchases in the near future. As long as the reading doesn’t exceed the forecasted 46.0, we should see the bond market and Massachusetts mortgage rates react favorably to this report. This data is watched closely because consumer spending makes up two-thirds of the U.S. economy.

Overall, it will likely be an active week for the markets and Massachusetts mortgage rates. I believe that the single most important day will probably end up being Thursday with the extremely important GDP release in the morning and the 7-year Treasury Note auction in the afternoon, but Friday has three reports scheduled so it is expected to be active also. Today is likely to be the least active day for Massachusetts mortgage rates. I strongly recommend maintaining contact with your mortgage professional this week, especially if still floating an interest rate.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

This week brings us the release of seven economic reports and two relevant Treasury auctions for the bond market to digest. There is nothing of importance scheduled for release tomorrow, but we do have something to watch every other day. The data ranges from low importance to extremely important so some reports will have a much bigger impact on trading than others. We also need to keep an eye on the stock markets as they have been heavily influential on bond market direction recently. In other words, there is a pretty good chance of seeing noticeable movement in Massachusetts mortgage rates several days this week, especially if the major stock indexes rally or post sizable losses.

October’s Consumer Confidence Index (CCI) is the first release of the week and Tuesday’s only news. This Conference Board index will be released at 10:00 AM ET. It gives us a measurement of consumer willingness to spend and is expected to show a small increase in confidence from last month’s 45.4 reading. That would mean that consumers felt a little better about their own financial situations than last month, indicating they are slightly more likely to make large purchases in the near future. As long as the reading doesn’t exceed the forecasted 46.0, we will likely see the bond market and Massachusetts mortgage rates react favorably to this report. This data is watched closely because consumer spending makes up two-thirds of the U.S. economy.

Early Wednesday morning, the Commerce Department will post Durable Goods Orders for September. This report gives us a measurement of manufacturing sector strength by tracking orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. Analysts are currently calling for a decline in new orders of approximately 1.0%. If we see an unexpected increase in orders, Massachusetts mortgage rates will probably rise as bond prices fall. A weaker than expected reading should be good news for the bond market and Massachusetts mortgage rates, but this data can be quite volatile from month to month and is difficult to forecast. Therefore, a small variance from forecasts likely will have little impact on bond trading or Massachusetts mortgage pricing.

Also Wednesday is the release of September’s New Home Sales at 10:00 AM ET. This data covers the remaining 15% of home sales that last week’s Existing Home Sales report didn’t include and is this week’s least important data. It is expected to show an increase in sales of newly constructed homes, but regardless of its results I am not expecting it to have a significant impact on Massachusetts mortgage rates Wednesday.

Thursday’s only monthly or quarterly data is not only the most important report of the week, but also the most important we see regularly. The preliminary reading of the 3rd Quarter Gross Domestic Product (GDP) will be released early Thursday morning. The GDP is considered to be the benchmark measurement of economic growth because it is the sum of all goods and services produced in the U.S. and therefore is likely to have a major impact on the financial markets and Massachusetts mortgage pricing. There are three versions of this report, each a month apart. Thursday’s release is the first and usually has the biggest impact on the markets. Current forecasts call for an increase of approximately 2.2% in the GDP, which would mean that the economy grew at a noticeably quicker pace than the 2nd quarter’s 1.3%. If this report does show a much smaller increase, I am expecting to see the bond market rally and Massachusetts mortgage rates fall. However, a larger than expected rise could lead to a rally in stocks, bond selling and a sizable increase in Massachusetts mortgage pricing Thursday.

There are three reports scheduled for release Friday that may affect mortgage rates. The first comes at 8:30 AM ET when September’s Personal Income and Outlays report will be posted. This data gives us an indication of consumer ability to spend and current spending habits. It is important to the markets because consumer spending makes up two-thirds of the U.S. economy. Rising income generally indicates that consumers have more money to spend, making economic growth more of a possibility. This is bad news for the bond market and Massachusetts mortgage rates because it raises inflation concerns, making long-term securities such as mortgage related bonds less attractive to investors. Analysts are expecting to see a 0.3% increase in income and a 0.6% rise in spending. Smaller than expected increases in both readings would be good news for the bond market and Massachusetts mortgage pricing.

The second report of the day is the 3rd Quarter Employment Cost Index (ECI), also at 8:30 AM ET. This data tracks employer costs for salaries and benefits, giving us an indication of wage inflation pressures. Rapidly rising costs raises wage inflation concerns and may hurt bond prices. It is expected to show an increase in costs of 0.6%. A smaller than expected increase would be good news for Massachusetts mortgage rates.

The week’s last report comes just before 10:00 AM ET Friday when the University of Michigan updates their Index of Consumer Sentiment for this month. Current forecasts show this index remaining nearly unchanged from the preliminary reading of 57.5. This report is moderately important to Massachusetts mortgage rates because it helps us measure consumer confidence, which is believed to indicate consumers’ willingness to spend. As with Tuesday’s CCI release, the lower the reading, the better the news for mortgage shoppers.

This week also has Treasury auctions scheduled each day except Friday. The only two that are likely to influence Massachusetts mortgage rates are Wednesday’s 5-year and Thursday’s 7-year Note sales. If those sales are met with a strong demand, particularly Thursday’s auction, bond prices may rise during afternoon trading. This could lead to improvements to mortgage rates shortly after the results of the sales are posted at 1:00 PM ET each day. But a lackluster investor interest may create selling in the broader bond market and lead to upward revisions to Massachusetts mortgage rates.

Overall, it will likely be an active week for the markets and Massachusetts mortgage rates. I believe that the single most important day will probably end up being Thursday with the extremely important GDP release in the morning and the 7-year Treasury Note auction in the afternoon, but Friday has three reports scheduled so it is expected to be active also. Tomorrow is likely to be the least important day, but we still could see some movement in rates as the markets prepare for the upcoming week. Accordingly, I strongly recommend maintaining contact with your mortgage professional this week, especially if still floating an interest rate.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.

Subscribe here to have Massachusetts mortgage rates updates delivered to your inbox automatically.

Friday’s bond market has opened down slightly as stocks close the week with a rally. The stock markets are reacting favorably to a couple of factors, primarily strong earnings news this week. The Dow is currently up 157 points while the Nasdaq has gained 34 points. The bond market is currently down 5/32, but we should still see an improvement in this morning’s Massachusetts mortgage rates of approximately .125 of a discount point.

There is nothing of importance scheduled for release today. This leaves the bond market and Massachusetts mortgage rates exposed solely to stock market movement. Despite the strong open in stocks, bond market losses are relatively minimal and the mortgage market is still positive. This indicates that bond traders aren’t too concerned with this morning’s stock rally. The good news is that if the major stock indexes do move a little higher, we probably will not see bonds react and Massachusetts mortgage rates revise higher. On the other hand, if the major indexes give back some of this morning’s gains, it is unlikely that we will see Massachusetts mortgage rates revise lower this afternoon. In other words, it appears that we are going to have a calm afternoon in Massachusetts mortgage rates unless something very much unexpected happens.

Next week is fairly active in terms of relevant economic reports. There are a handful of reports scheduled in addition to two potentially influential Treasury auctions the middle part of the week. We have data being posted each day of the week except Monday, meaning Massachusetts mortgage rate movement will be left to news from over the weekend and that day’s morning stock movement.

One of the reports we do get next week is the highly important initial reading to the 3rd quarter Gross Domestic Product (GDP) next Thursday. It is the total sum of all goods and services produced in the U.S. and is considered to be the most important and most reliable measure of economic growth. It will be the focal point next week and could help direct Massachusetts mortgage rates for the next couple weeks. Look for more details on the week’s events and economic reports in Sunday’s weekly preview.

Lock or Float Advice based on Massachusetts Mortgage Rate Trends

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…
Float 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 based on Massachusetts mortgage rate trends. Your individual situation may be different.

Copyright : Mortgage Commentary

Geof McLaughlin, better known as "The Massachusetts Mortgage Broker", 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.

Geof can be reached directly at 508.656.0055 or at geof@MAMortgageBroker.com.