The Mortgage Interest Rate Lock Advisory for September 28, 2009
Here are some of the events affecting mortgage interest rates today in Hyannis, Massachusetts.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened down 1/32 this morning from Friday's close to 101.09.
The price of the FNMA 30-Year 4.5% MBS coupon closed up 6/32 on Friday to 101.13 (as shown by the white line), and was up 18/32 for the week. MBS is currently trading up 2/32 at 101.19 (as shown by the blue line). Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be essentially be the same in price today as compared to Friday.
News and Events That Could Affect Mortgage Interest Rates Today:
- There are no economic reports scheduled for release today.
What's Happening With Mortgage Interest Rates Today:
Low to moderate volatility. Overall, I don't expect mortgage interest rates to move much and will be influenced mostly by the stock markets today.
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.
For the best mortgage interest rates in Hyannis, MA, click here.
East Bridgewater, MA 02333
Lew Corcoran, ASP®, IAHSP, IAHSP-CB