The Mortgage Interest Rate Lock Advisory for Mashpee MA for December 14, 2009
Here are some of the events affecting mortgage interest rates today in Mashpee, MA.
What the Mortgage Backed Securities Market is Doing Today:
The price of the FNMA 30-Year 4.0% MBS coupon opened at 98.50 this morning - up 2/32 from Friday's close.
The chart below shows today's price trend of the FNMA 30-Year 4.0% coupon:
The FNMA 30-Year 4.0% MBS coupon is currently trading at 98.50 - the same as its opening, and up 2/32 from Friday's close. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be the same as Friday.
The chart below shows the price trend of the FNMA 30-Year 4.0% 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:
Low to Moderate Volatility. Moderate to High Volatility. Overall, we can expect to see another volatile week in the financial and mortgage markets. We expect to see the biggest movements in mortgage interest rates on Tuesday with the release of the PPI, and on Wednesday with the release of the CPI and the FOMC meeting press release.
There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. Mortgage interest rates are at historic lows. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.
If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.
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 Mashpee, MA!
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