Mortgage Rate Forecast: March 2010

Mortgage Rate Forecast for Harwich MA for March 30, 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 100.44 this morning - the same as yesterday's close.
  
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.22 - down 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 2-28-2010 to 3-30-2010:

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 0.250 points worse in price this morning as compared to yesterday.

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

• Consumer Confidence Index (CCI) - consumer confidence for March rose 6.1 points to 52.5, better than the 50.0 reading that was expected. Posted by the Conference Board, this measures consumer willingness to spend. As a comparison, a reading of 80 or better is considered a signal of economic health. Retail sales typically move in tandem with consumer optimism. Because consumer spending makes up two-thirds of the U.S. economy, any related data is watched closely by market traders and can have a significant influence on the mortgage market. If consumers are less confident in their personal financial situations, they are less likely to make large purchases. The higher CCI readings helped stopped the rise in mortgage rates this morning.

In other news, the S&P Case-Shiller Home Price Index  fell 0.4%, reflecting a continuing weak demand for housing despite low mortgage rates and tax incentives. On a year-on-year basis, home prices have fallen an average 0.7% nationwide. We expect to see an increase in foreclosures this year, which will lead to continuing declines in home values.

The 15 largest states as ranked by population are expected to see a 3.9% increase in tax revenues this year. Analysts expect a 3.5% increase in tax revenues across all 50 states. Increased tax revenues indicate that the economy is slowly recovering.

What's Happening With Mortgage Interest Rates in Harwich, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows, and appear poised to begin climbing. The overall economy is improving while at the same time the federal government keeps accumulating more and more debt. As such, there's little or no potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end this week. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate as the year wears on. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

We're also starting to enter the prime home selling and buying season. Usually from this time of the year and into the summer months, you see higher mortgage rates. 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 continue to change for the worse.

If you're happy with the interest rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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.

Mortgage Rate Forecast for Dennis MA for March 29, 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 100.44 this morning - the same as yesterday's close.
  
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.47 - up 1/32 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 2-27-2010 to 3-29-2010:

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 yesterday afternoon.

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

• Personal Income and Outlays Report - there was a less than 0.1% increase in personal income in February. This follows a revised gain of 0.3% in January and a gain of 0.4% in December. Consumer spending increased by 0.3% as expected. The spending increase is attributed mostly to rising gasoline prices. 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.

Do budget deficits really affect interest rates? Or does inflation? Find out more by watching this video from CNBC:

What's Happening With Mortgage Interest Rates in Dennis, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows, and appear poised to begin climbing. The overall economy is improving while at the same time the federal government keeps accumulating more and more debt. As such, there's little or no potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end this week. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate as the year wears on. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

We're also starting to enter the prime home selling and buying season. Usually from this time of the year and into the summer months, you see higher mortgage rates. 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 continue to change for the worse.

If you're happy with the interest rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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.

Mortgage Rate Forecast for South Yarmouth MA for March 26, 2010

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

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.12 this morning - the same as yesterday's close.
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.16 - up 1/32 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 2-24-2010 to 3-26-2010:

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 yesterday afternoon.

Economic Reports, News, and Events Affecting Mortgage Interest Rates in South Yarmouth, MA Today:

• Final Revision to the 4th Quarter Gross Domestic Product (GDP) - the GDP in the 4th Quarter of 2009 was revised downward from 5.9% to an annualized rate of 5.6%. But the growth is not expected to last. Many economists believe that the current growth rate is about half what it was just a few months ago. The increase in GDP in the 4th quarter was due primarily to businesses replenishing their inventories, not from increased consumer spending. So far, this has been a jobless recovery. As confidence remains low and unemployment remains high, it's not expected that consumers will be purchasing more goods again any time soon. While significant, the data usually does not have an impact on the mortgage market or mortgage rates.
  
  
• The Revised University of Michigan Index of Consumer Sentiment - came in at 73.6, better than the 73.0 reading analysts were expecting, and higher than the 72.5 reading the previous month. An increase in consumer confidence indicates that consumers may be more apt to make large purchases in the near future. However, the report had no impact on mortgage rates this morning.

In other news, there was less than stellar interest in the 7-Year Notes auction yesterday which led to higher than expected yields. According to traders on Wall Street, the spike in mortgage rates the last two days was the result of less demand for US debt and the passage of the health care bill. This kept mortgage rates up yesterday.

What's Happening With Mortgage Interest Rates in South Yarmouth, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows, and appear poised to begin climbing. It appears that the overall economy is improving while at the same time the federal government keeps accumulating more and more debt. As such, there's little or no potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

We're also starting to enter the prime home selling and buying season. Usually from this time of the year and into the summer months, you see higher mortgage rates. 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 continue to change for the worse.

If you're happy with the interest rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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 South Yarmouth, MA.

Mortgage Rate Forecast for Barnstable MA for March 25, 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 100.12 this morning - the same as yesterday's close.
  
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.80 - down 10/32 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 2-23-2010 to 3-25-2010:

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 0.250 points worse in price this morning as compared to the end of business yesterday.

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

• Jobless Claims - 442,000 new claims for unemployment were filed last week. This is 8,000 less than expected, and 17,000 less than the previous week. The four-week average for unemployment fell by 17,500 to 453,750, the lowest since September 2008. All signs indicate the economy has been recovering of late - but without an increase in jobs. This data is usually not considered to be very important to the mortgage market, and had no impact on the mortgage market or mortgage rates this morning.

In other news, there was less than stellar interest in the 5-Year Notes auction yesterday which led to higher than expected yields. This drove mortgage rates up significantly yesterday. Watch this video from CNBC to learn more:

The Treasury Dept will be auctioning $37 billion in 7-Year Notes today and will post results at 1:00 PM ET. 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 market move higher during afternoon trading. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling of bonds could result in upward revisions to mortgage rates.

What's Happening With Mortgage Interest Rates in Barnstable, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows, and appear poised to begin climbing. It appears that the overall economy is improving while at the same time the federal government keeps accumulating more and more debt. As such, there's little or no potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

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 continue to change for the worse - often without notice.

If you're happy with the interest rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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.

The housing market meltdown seems to be truly making life miserable for Bank of America. As things started unraveling in the residential real estate sector and pushed countless mortgage lenders to either bankruptcy or to the brink of one, BofA figured it'd buy one of them on the cheap and really grow even bigger just like that. It promptly acquired Countrywide and apparently got much more than it bargained for. The once dominant mortgage lender had plenty of bad paper in its books which then became BofA's headache. On top of that it may have had its own internal issues, but Countrywide certainly wasn't as clean as it seemed to be.

BofA has been snail-slow in approving short sales, argue numerous real estate agents, home sellers and buyers and anyone involved in these sometimes complex transactions. A lot of fingers are pointed at its incompetence, or calculated foot dragging. More of the same is evidently going on in its handling of HAMP, so much so that Washington state homeowners recently filed a lawsuit against it, claiming it "intentionally" and "systematically" frustrated their efforts to arrive at reasonable mortgage modifications to stop foreclosure. In addition, many states and Washington are pressuring it, and other lenders as well, to seriously and meaningfully help in foreclosure prevention. The heat is on.

Now it is coming up with a mortgage principal reduction program, obviously seeking to quell the rising furor over its inadequate actions. It'll be part of its NHRP, or National Homeownership Retention Program. Some of the basic criteria includes the borrower has to be HAMP qualified, certain subprime, pay-option and 2-year hybrid ARMs are eligible, the underlying mortgage is 120% over the property's current value and the loan needs to be at least 60 days delinquent. BofA likes to call it "earned principal forgiveness" and the word "earned" is the key here. The program works in stages over five years during which the mortgage borrower is expected to miss no payments and then can reduce the principal up to 30%. These are just some of the details how it works. According to the bank, it'll launch the program in May when it'll supposedly start contacting eligible homeowners to find out whether they'll make the grade.

Frankly, based on the information so far released the plan is quite complicated and the many requirements will greatly limit participation. Maybe it's more of the same, just labeled differently. BofA has taken constant flak for its lack of responsibility in helping mitigate the home loan foreclosure problem and this, if administered properly, could give it some breathing room. Only time will tell if it is serious this time about cleaning up its tarnished reputation.

Mortgage Rate Forecast for Mashpee MA for March 24, 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 101.03 this morning - the same as yesterday's close.
  
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.80 - down 10/32 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 2-22-2010 to 3-24-2010:

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 0.250 points worse in price this morning as compared to yesterday.

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

• Durable Goods Orders Report - there was a 0.5% increase in new durable goods orders in February, not as much as the 1.0% increase that was expected. This follows a revised 3.0% increase in January and a revised 1.6% increase in December. However, when the transportation component is excluded, new durable goods orders increased 0.9% after falling 0.6% in January. Year-on-year, overall new orders for durable goods are up 10.9% from February 2009. When transportation is excluded, new durable goods orders are up 7.9% from the same time last year. While weakened somewhat, this report shows that the manufacturing sector is still gaining some momentum. This report led to higher mortgage rates this morning.
  
  
• New Home Sales - fell 2.2% in February to an annualized rate of 308,000 homes. Analysts were expecting a 1.9% increase. Median prices of new homes fell 1.8% to $203,500. In addition, the inventory of new homes on the market rose again to 9.2 months. It's clear that the extended home buyer tax credit, which is set to expire at the end of April, is not helping. This also shows that housing demand remains weak with no buyer urgency as new home prices continue to fall. While fairly significant, this data did not have much of an impact on the mortgage market this morning.

Are we headed for a double dip in housing? Watch this video from CNBC to learn more about what’s ahead for the housing market:

In other news, the Treasury Dept will be auctioning $42 billion in 5-Year Notes today and will post results at 1:00 PM ET. 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 market move higher during afternoon trading. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling of bonds could result in upward revisions to mortgage rates.

What's Happening With Mortgage Interest Rates in Mashpee, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows. However, for the most part, they are still low and holding fairly steady right now. It appears that the overall economy is improving. As such, there's very little potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

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 today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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.

Mortgage Rate Forecast for Falmouth MA for March 23, 2010

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

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.06 this morning - the same as yesteray's close.
  
  
  
• At 9:30 AM, 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 2-21-2010 to 3-23-2010:

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 yesterday.

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

• Existing Home Sales Report - released by the National Association of Realtors (NAR), this report provides us with a measurement of housing sector strength and mortgage credit demand. Existing home sales have fallen since the surge last fall. Existing home sales fell 0.6% in February to an annualized rate of 5.02 million homes, not as bad as expected. Analysts were expecting a 7.2% decline. Distressed homes made up 35% of the total sales. 27% of the homes sold were sold for cash. The inventory of unsold homes increased by 9.5% to an 8.6 month supply. This shows that the housing market is still weak. Existing home sales are up 7.0% from February 2009. While significant, this report had no impact on the mortgage market or mortgage rates this morning.

In other news, the Treasure Dept will be auctioning $44 billion is 2-Year Notes today and will post results at 1:00 PM ET. 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 market move higher during afternoon trading. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling of bonds could result in upward revisions to mortgage rates.

What's Happening With Mortgage Interest Rates in Falmouth, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows. However, for the most part, they are still low and holding fairly steady right now. It appears that the overall economy is improving. As such, there's very little potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

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 today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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 Falmouth, MA.

Mortgage Rate Forecast for Sandwich MA for March 22, 2010

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

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.84 this morning - the same as Friday's close.
  
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.84 - 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 2-20-2010 to 3-22-2010:

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 0.250 points worse in price this morning as compared to yesterday.

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

• There are no economic reports scheduled for release today.

What's Happening With Mortgage Interest Rates in Sandwich, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows. However, for the most part, they are still low and holding fairly steady right now. It appears that the overall economy is improving. As such, there's very little potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

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 today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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 Sandwich, MA.

When the notorious housing bubble was forming some years ago a lot of factors were aiding and abetting its run to those dizzying, unsustainable heights. One of them was mortgage fraud. Banks were so busy crafting new and glitzy home loan products and making money hand over fist with them that often they overlooked questionable mortgage loan applications. When opportunity knocks, it has to be taken full advantage of, seems to have been the going motto then.

But things have changed drastically in the mortgage world since the air rapidly hissed out of the bubble. Investors, who bought mortgage-backed securities, or MBS, have increasingly requested lenders take back fraudulent loans. That has prompted them to tighten their mortgage guidelines, as it really hurts their bottom line to buy back all sorts of wayward paper. Besides tougher guidelines, application information is also more carefully verified for a change.

First American CoreLogic recently released a study stating that one in 200 mortgages closed in 2009 was fraudulent. In money terms it added up to $14 billion. It sounds like a lot, but it is actually down roughly 25% from a historical high in 2007, now progressing steadily south. It's also predictable that this trend will continue in the coming years, at least as long as mortgage lenders keep hurting the way they do today.

Las Vegas mortgage fraud doesn't make top of list

According to First American CoreLogic's analysis - based on 80 million mortgages scrutinized by its proprietary national fraud data depository - California, Florida, Georgia, North Carolina and South Carolina were among states with most fraud-tainted home loans. The first two were kind of expected to be there due to their overheated markets a few years ago and subsequent high foreclosure rates. In the firm's findings 25% of foreclosures display fraud at the time the original mortgage application was taken. Nevada, spearheaded by the populous Las Vegas valley, for once isn't included among top contenders on a list like this. It has definitely adorned many of them already, so being outside now is certainly cause to hoist a cold one for. Even though Nevada's foreclosure figures are the highest in the nation, it still didn't break into the top five here.

Mortgage fraud for now is decreasing, an entirely encouraging sign. Once lenders climb back on their feet one of these days, it's anyone's guess what will happen then. Will this crippling downturn teach them a lesson to last? Or will the lure of ever increasing earnings again push them into reckless behavior?

Mortgage Rate Forecast for Bourne MA for March 19, 2010

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

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.91 this morning - the same as yesterday's close.
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 100.81 - 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 2-17-2010 to 3-19-2010:

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 0.250 points worse in price this morning as compared to yesterday.

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

• There are no economic reports scheduled for release today.

In other news, today is "triple-witching" day. Triple witching day is the third Friday of the month that ends each quarter, and marks the simultaneous expiration of stock options, index options, and index futures at the close of the trading day. That could lead to volatility in the stock market as well as the bond and mortgage markets today.

What's Happening With Mortgage Interest Rates in Bourne, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows. However, for the most part, they are still low and holding fairly steady right now. It appears that the overall economy is improving. As such, there's very little potential for lower mortgage rates.

In addition, the Fed is winding down their purchases of mortgage backed securities which is slated to end on March 31st. When that happens, pundits are expecting mortgage rates to get worse by 0.25% - 0.75% in rate. This means that a 30 year fixed rate today of 5.0% with no points could soon be between 5.25% and 6.00%. For a $200,000 mortgage, every 1/4 point increase in rate means an increase of $30 in monthly payment.

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 today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. 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 Bourne, MA.