The Mortgage Interest Rate Lock Advisory for Harwich MA for December 18, 2009
Here are some of the events affecting mortgage interest rates today in Harwich, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.0% MBS coupon opened at 98.91 this morning - down 2/32 from yesterday's close. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. Because the FNMA 30-Year 4.0% MBS coupon closed up 25/32 yesterday, I expect that mortgage interest rates will be 0.125% - 0.375% 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,
What's Happening With Mortgage Interest Rates Today:
Moderate Volatility. Overall, we can expect to see another volatile week in the financial and mortgage markets.
There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. Mortgage interest rates are still at historic lows. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.
If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
There are a few economic reports scheduled for release next week. Be sure to look for more details on Monday.
My Mortgage Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would...
- Lock if my closing was taking place within the next 7 days
- Float if my closing was taking place between 8 and 30 days
- Float if my closing was taking place between 31 and 45 days
- Float if my closing was taking place between 46 and 60 days
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.
Get today's mortgage interest rates for your situation in Harwich, MA.
East Bridgewater, MA 02333
Lew Corcoran, ASP®, IAHSP, IAHSP-CB