Professional Home Staging and Photography Blog: Mortgage Rate Forecast for June 7, 2010

Mortgage Rate Forecast for June 7, 2010

Mortgage Rate Forecast for June 7, 2010

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities Are Doing Today:

  • The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.69 this morning - the same as Friday's close.

  • At 9:30 AM, the 4.5% MBS coupon was trading at 102.66 - down 1/32 from its opening

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 about the in price this morning as compared to Friday.

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 5-8-2010 to 6-7-2010:

The price trend of the FNMA 30-Year 4.5% coupon from 5-8-2010 to 6-7-2010

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

  • There are no economic reports scheduled for release today.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past year:

The trend in mortgage rates from June 3, 2009 to June 3, 2010

Mortgage Rate Lock Advice:

Mortgage rates are at their lows of 2010. On Friday, the price of the FNMA 30-Year 4.5% Coupon closed at its all-time high of 102.69. This morning, the MBS coupon was within 3 basis points of that all-time high. While it's still possible that mortgage rates could go even lower with the ongoing economic crisis in Europe, it won't be by much, and I would not risk the chance waiting for it.

If I was closing within the next 5 - 7 days, I would lock in the rate.

If you are closing in more than 7 days, send me an email to get my rate lock advice.

Be sure to check out today's mortgage rates.

 

 

East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

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Comment balloon 0 commentsLew Corcoran, ASP® • June 07 2010 09:51AM

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