The Mortgage Interest Rate Lock Advisory for Wareham MA for January 4, 2010
Here are some of the events affecting mortgage interest rates today in Wareham, MA.
What Mortgage Backed Securities Are Doing Today:
- The price of the FNMA 30-Year 4.5% MBS coupon opened at 99.88 this morning - the same as Thursday's close.
- At 11:30 am, the 4.5% MBS coupon was trading at 100.08 - up 6/32 from its opening.
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 0.0 to 0.125 point better in price this morning as compared to Thursday.
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 12-2-2009 to 1-1-2010:
Economic Reports, News, and Events Affecting Mortgage Interest Rates Today
- Institute for Supply Management's (ISM) Manufacturing Index for December - came in with a reading of 55.9, better than expected, and is better than November's reading of 53.6. This index measures manufacturer sentiment, and a reading above 50 indicates the manufacturing sector is expanding rather than contracting. A higher than expected reading normally leads to higher mortgage interest rates, but this data did not have an impact on the mortgage market this morning.
In other news, Construction Spending fell 0.6% in November, about as expected, and follows a revised decline of 0.5% the month before
What's Happening With Mortgage Interest Rates Today:
Moderate to High Volatility. Mortgage interest rates are still 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.
Get today's mortgage interest rates for your situation in Wareham, MA.