The Mortgage Interest Rate Lock Advisory for Eastham MA for February 16, 2010
Here are some of the events affecting mortgage rates today in Eastham, MA.
What Mortgage Backed Securities Are Doing Today:
- The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.94 this morning - the same as Friday's close.
- At 9:30, the 4.5% MBS coupon was trading at 100.84 - down 3/32 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 1-17-2010 to 2-16-2010:
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 the same in price this morning as compared to Friday,
Economic Reports, News, and Events Affecting Mortgage Rates Today:
- There are no economic reports scheduled for release today.
What's Happening With Mortgage Rates Today:
Low to Moderate. Mortgage rates are still at historic lows. However, because it appears that the overall economy is improving, and because the Fed continues to auction Treasury Notes to pay for the massive government debt, there's 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 not much potential for lower mortgage rates.
If you're happy with the 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.
Mortgage rates are currently improving slightly. If you have not yet locked in your mortgage interest rate yet, please proceed with caution and maintain contact with your mortgage professional and rates can change for the worse - often without notice.
Get today's mortgage interest rates for your situation in Eastham, MA.
East Bridgewater, MA 02333
Lew Corcoran, ASP®, IAHSP, IAHSP-CB