Mortgage Rate Forecast

Mortgage Rate Forecast for Orleans MA for March 10, 2010

Here are some of the events affecting mortgage rates today in Orleans, MA:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.03 this morning - down 12/32 yesterday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 100.89 - down 4/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-8-2010 to 3-10-2010:

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be as much as 0.375% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• There are no economic reports scheduled for release today.

In other news, the Treasury Dept will be auctioning $21 billion in 10-Year Notes today. The Notes and Bonds are used to finance the massive government debt. If there is a strong demand for the Notes, we should see the bond and mortgage markets market move higher during afternoon trading which in turn lead to lower mortgage rates. However, a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and could lead to broader selling in the bond and mortgage markets. That in turn could lead to higher mortgage rates this week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Orleans, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Mortgage Rate Forecast for Chatham MA for March 9, 2010

Here are some of the events affecting mortgage rates today in Chatham, MA:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.16 this morning - the same as Friday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.38 - up 7/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-7-2010 to 3-9-2010:

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be as much as 0.250% better in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• There are no economic reports scheduled for release today.

In other news, the Treasury Dept will be auctioning $40 billion in 3-Year Notes today. The Notes and Bonds are used to finance the massive government debt. If there is a strong demand for the Notes, we should see the bond and mortgage markets market move higher during afternoon trading which in turn lead to lower mortgage rates. However, a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and could lead to broader selling in the bond and mortgage markets. That in turn could lead to higher mortgage rates this week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Chatham, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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The present housing and mortgage overload is by some estimates only halfway through its painful cycle, still desperately looking for traction to solve high mortgage foreclosure numbers, underwater homeowners by the millions, home loan providers with books still loaded with toxic paper and persistent oversupply. The complexity and severity of the collapse is testing the skills, creativity and persistence of the public and private sectors alike. Progress has been made on many fronts, but a lot more needs to be done.

While the focus now is largely on turning the pummeled housing and mortgage markets around, a new fee is quietly being introduced to be part of a real estate transaction. Here are the basics of it. Whenever a home sale is closed in the next 99 years, a 1% fee of the price is paid to the original developer or can be split between other parties and investors. The seller pays it to a third-party trustee, and if he doesn't do so, the deal is off. The reason is that a special lien is attached to the underlying land, called a private transfer fee covenant. It stays with any home tied to the program for the set period of time. It has nothing to do with a government transfer tax, HOA fee or environmental protection concerns.

If a home covered by this setup is sold 15 times during this 99 year run, the 1% transfer fee is paid 15 times. That of course generates an inspirational stream of income to the developers and investors at the receiving end. For what, some may ask? From the looks of it there is no economic benefit anywhere in the program, so the sole purpose seems to be to create a 99-year money machine for them. Many real estate industry experts are already calling it a scam or a fancy pyramid scheme. The program is promoted by Freehold Capital Partners out of New York who supposedly have a "patent pending" structure in the works. And its website declares that it has so far signed up partners with real estate projects worth about $488 billion on their drawing boards. That's very impressive, except that none of them are actually named.

The scary part is that Freehold is supposedly in talks with the investment community to securitize bundles of these transfer fees, in other words planning to turn out bonds backed by future cash streams that can be sold to investors. Does that smell like the chopped up subprime mortgage loans shaped into securities no one fully understood that just a few months ago wrecked the home loan industry? Very much so. A good-size red flag right there for the regulators.  

Many real estate trade groups, among them National Association of Realtors ( NAR ), National Association of Home Builders ( NAHB ) and American Land Title Association ( ALTA ), aren't convinced that this is the direction to take. There are many pitfalls in the program, besides the money grab. It complicates property transfers by making them uncertain and more costly. The title is clouded for long periods of time and to get releases from the original owners could be impossible. The American Law Institute claims that these transfer fees are "arbitrary, spiteful and capricious" and an "unreasonable restraint on alienation." That's of course lawyer speak. It lowers home prices due to the built-in feature of a fee encumbrance and making them harder to sell.

As of right now, the majority of states have no limits on these types of fees, so housing trade groups against the program are gearing up to spread the word nationwide and stifle its advance. Preferably bury it for good. Home buyers predictably are out of the loop and should be on the lookout for it, specifically asking whether there is a private transfer fee involved when contemplating a real estate purchase.

Mortgage Rate Forecast for Harwich MA for March 8, 2010

Here are some of the events affecting mortgage rates today in Harwich, MA:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.19 this morning - the same as Friday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.06 - down 4/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-6-2010 to 3-8-2010:

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be 0.125% - 0.250% worse in price this morning as compared to Friday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• There are no economic reports scheduled for release today.

In other news, The Treasury Dept will be auctioning a total of $74 billion in 3-Year and 10-Year Notes and a 30-Year bond this week. The Treasury Dept will also auction an additional $136 billion in Treasury bills. Treasury bills are obligations with a duration of one year or less. The Notes and Bonds are used to finance the massive government debt. If there is a strong demand for the Notes, we should see the bond and mortgage markets market move higher during afternoon trading which in turn lead to lower mortgage rates. However, a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader selling in the bond and mortgage markets. That in turn could lead to higher mortgage rates this week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Harwich, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Mortgage Rate Forecast for Brewster MA for March 5, 2010

Here are some of the events affecting mortgage rates today in Brewster, MA:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.44 this morning - the same as yesterday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.19 - down 8/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-3-2010 to 3-5-2010:

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be 0.125% - 0.250% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Employment Situation Report - according to the Bureau of Labor Statistics, non-farm payroll fell by 36,000 in February, and is not as bas as expected. Analysts expected a loss of 50,000 jobs. This follows a loss of 20,000 jobs in January, a loss of 150,000 jobs in December, and a gain of 64,000 jobs in November. The unemployment rate remains at 9.7%, slightly less than the 9.8% rate that was expected. The unemployment rate stood at 10.0% in November and December. This data had a negative impact on the mortgage market this morning as prices of mortgage backed securities fell on the news. This lead to higher mortgage rates this morning.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 51st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Brewster, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Mortgage Rate Forecast for Dennis MA for March 4, 2010

Here are some of the events affecting mortgage rates today in Dennis, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.25 this morning - the same as yesterday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.25 - the same as its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-2-2010 to 3-4-2010:

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be the same if not better in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Revision to the 4th Quarter Non-farm Productivity and Cost Index - is up 6.9% for the 4th quarter of 2009, while labor costs plunged 5.9%. This shows that companies are more productive with less workers. This is good news for profitability, but not good news for jobs. However, the report had no impact on the mortgage market or mortgage rates this morning.
  
  
• Jobless Claims - 469,000 new claims for unemployment were filed last week. This is 6,000 less than expected, and 29,000 less than the previous week. The four-week average for unemployment fell by 3,000 to 470,750, and continuing claims fell by 134,000 to 4.50 million. While the number of people receiving unemployment fell to the lowest level in a year, those receiving extended unemployment benefits increased by 198,000 to 5.87 million. This suggests that there's no significant change in the labor market as compared to January. This data is usually not considered to be very important to the mortgage market; the decrease in unemployment had no impact on the mortgage market or mortgage rates this morning.
  
  
• Factory Orders - rose 1.7%, less than the 2.0% increase that was expected, and follows a 1.0% increase the previous month. It's similar to the Durable Goods Orders release that was posted late last week, except this report includes orders for both durable and non-durable goods. Durable goods are items that are expected to last three or more years such as electronics and autos. Examples of non-durable goods are food and clothing. This report had no impact on the mortgage market or mortgage rates this morning.
  
  
• Existing Home Sales Report - released by the National Association of Realtors (NAR), this report will provide us with a measurement of housing sector strength and mortgage credit demand. Existing home sales fell 7.6% in February - analysts were expecting a 1.7% increase. This decline follows declines of 7.2% in January and 16.7% in December. However, existing home sales are up 12.3% from January 2009. While significant, this report had no impact on the mortgage market or mortgage rates this morning.

The news team at CNBC review today's initial jobless claims and productivity data:

In other news, the Treasury Dept will announce later this morning Treasury announces the terms of the Notes and Bond auctions scheduled for next week. The Notes and Bonds are used to finance the massive government debt, and the results of these auctions could result in higher mortgage rates next week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 41st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Dennis, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Home loan scams are really part of the real estate landscape in any market, but generally speaking affecting only a small percentage of consumers. Now, however, things are very different. This housing and mortgage meltdown ranks right up there among the worst ever to sweep across from coast to coast. It brings with it some juicy opportunities for the con men among us and are they ever trying to take advantage of it.

Many have zeroed in on the mortgage loan modification programs heavily promoted by the government, but only tepidly adopted by the private sector. That has left a huge void for them to slither in, to the detriment of unwary mortgage borrowers. The media continuously reports on the extent of the problem and new twists to the scammers' arsenal to sound the alarm, but the mayhem marches on. Distressed homeowners are promised lower monthly payments and stoppage to the foreclosure process and all sorts of other goodies, anything to make them take the bait. At the end of the day the scammer pulls a Houdini with a pocketful of money from the borrower.

HUD is now taking a tougher stance on the issue. It just unveiled a website www.preventloanscams.org to try to put a stop to this bloodletting. It's doing this together with the Loan Modification Scam Prevention Network, a national group of private and public entities tasked to power up efforts to fight these vultures on local, state and national levels. The network is run by the Lawyer's Committee for Civil Rights Under Law. The website is the go-to place for homeowners to report anything that smells like a scam and hopefully they'll start using it as needed.

Southern Nevada - including Las Vegas, Henderson, Mesquite, Summerlin, Anthem and Mountains Edge - mortgage borrowers and those in other hard-hit areas around the country are being relentlessly pursued by con artists working this angle. So far law enforcement has had only marginal success combating this scourge. The new website will give homeowners an easy access to a national complaint resource that is designed to expedite enforcement on the local level. It's a weapon that will help keep these scammers in check.   

Photo by tomsaint11

Mortgage Rate Forecast for Yarmouth MA for March 3, 2010

Here are some of the events affecting mortgage rates today in Yarmouth, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.09 this morning - the same as yesterday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.03 - down 2/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 2-1-2010 to 3-3-2010:

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be up to 0.125% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• ADP Employment Report - 20,000 private non-farm jobs were lost in February. This is less than the revised 60,000 jobs that were lost in January. However, this report had no impact on mortgage rates this morning.
  
  
• Institute for Supply Management's (ISM) Non-Manufacturing Index - growth in the non-manufacturing sector is up 2.5 points in February with a reading of 53.0 in the overall index, better than expected, and is better than January's reading of 50.5. A reading above 50 indicates manufacturing sector expansion rather than contraction. The new orders component increased 0.3 points to 55.0 while the prices index declined 0.8 to 60.4. Employment increased 4.0 points to 48.6. However, this report had no impact on mortgage rates this morning.
  
  
• Beige Book - is released two weeks ahead of the Federal Open Market Committee (FOMC) monetary policy meetings; the Fed relies heavily on this data during their FOMC meetings. It will be released at 2 pm this afternoon, so look for a potential market reaction to the release of the Beige Book during afternoon trading hours.

In other news, The Challenger Jobs Report indicated that "planned job cuts" declined to 42,000 in February, down 41% from 71,500 in January. This is the lowest number of "planned job cuts" since July 2006. John Challenger, CEO of Challenger, Gray & Christmas said: "It may be a couple of more months before hiring begins to surge, but it is clear that employers have shifted away from downsizing and are poised to start adding workers." 

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Yarmouth, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Mortgage Rate Forecast for Barnstable MA for March 2, 2010

Here are some of the events affecting mortgage rates today in Barnstable, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.09 this morning - the same as yesterday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 100.95 - down 4/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 1-31-2010 to 3-2-2010:

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be 0.125% - 0.250% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• There are no economic reports scheduled for release today.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Barnstable, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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Mortgage Rate Forecast for Mashpee MA for March 1, 2010

Here are some of the events affecting mortgage rates today in Mashpee, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.09 this morning - the same as Friday's close.
  
  
  
• At 9:30, the 4.5% MBS coupon was trading at 101.09 - the same as its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 1-30-2010 to 3-1-2010:

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be the same in price this morning as compared to Friday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Personal Income and Outlays Report - overall personal income increased just 0.1% in January, less than expected, and follows a gain of 0.4% in December. Consumer spending increased by 0.5%, more than expected, and follows a 0.2% increase in December. Analysts were expecting the report to reveal a 0.4% increase in income, and a 0.4% increase in spending. This report provides us with a measurement of the consumer's ability to spend and their current spending habits. Because consumer spending makes up two-thirds of the U.S. economy, any related data usually has an impact on the mortgage market and mortgage rates. This report had no impact on mortgage rates this morning.
  
  
• Institute for Supply Management's (ISM) Non-Manufacturing Index - while still fairly strong, the growth in the manufacturing sector is down slightly in February with a reading of 56.5, worse than expected, and is worse than January's reading of 58.4. A reading above 50 indicates manufacturing sector expansion rather than contraction. This report had no impact on mortgage rates this morning.
  
  
• Construction Spending Report - construction spending fell only 0.6% in January, not as bad as expected, and follows a revised 1.2% decline in December. Analysts were expecting a 0.8% decline in January. Year-to-year construction spending has declined 9.3%. This report had no impact on mortgage rates this morning.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage rates are again off their historic lows. It appears that the overall economy is improving. However, the Fed continues to auction Treasury Notes and Bonds to pay for the increasing massive government debt, all of which contributes to the fear of inflation. In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. As such, there's very little potential for lower mortgage rates.

Mortgage rates have improved slightly this past week. However, if you have not yet locked in your mortgage rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage rates can change for the worse - often without notice.

If you're happy with the interest rate being offered to you and if you don't want to risk mortgage rates moving higher, then you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Get current mortgage rates for Mashpee, MA.

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	Lew Corcoran, Sr. Mortgage Consultant Reverse Mortgages / FHA Loans / VA Loans USDA Rural Development Loans on Cape Cod and in Massachusetts Save on closing costs when you apply for a mortgage online ActiveRain Blog / Localism Mortgage Rate Forecast / New England Properties

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