The Mortgage Interest Rate Lock Advisory for Biddeford ME for October 26, 2009
Here are some of the events affecting mortgage interest rates today in Biddeford, ME.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.62 this morning - up 1/32 from Friday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:
The FNMA 30-Year 4.5% MBS coupon is currently trading at 100.34 - down 8/32 from its opening. 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 0.25% - 0.50% worse in price this morning as compared to Friday.
The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:
Recent Activity in Mortgage Backed Securities:
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. Overall, it will most likely be an active - and volatile - week for the mortgage market. You can expect a lot of volatility in mortgage interest rates this week. The most volatile day of the week most likely will be Thursday with the release of the preliminary 3rd Quarter GDP and the results of the 7-Year Note auction.
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
- Lock 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 the best available mortgage interest rates for your situation in Biddeford, ME!
East Bridgewater, MA 02333
Lew Corcoran, ASP®, IAHSP, IAHSP-CB