Mortgage Rate Forecast for Truro MA for April 7, 2010

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Services for Real Estate Pros with Scena Home Staging & Decora Photography

Mortgage Rate Forecast for Truro MA for April 7, 2010

Here are some of the events affecting mortgage rates today in Truro, MA:

What Mortgage Backed Securities Are Doing Today:

  • The price of the FNMA 30-Year 4.5% MBS coupon opened at 99.53 this morning - the same as Friday's close.


  • At 9:30 AM, the 4.5% MBS coupon was trading at 99.62 - up 3/32 from its opening.

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 3-8-2010 to 4-7-2010:

The price trend of the FNMA 30-Year 4.5% coupon from 3-8-2010 to 4-7-2010

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 up to 0.125 points better in price this morning as compared to yesterday.

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

  • There are no economic reports scheduled for release today.

The Treasury Dept will be auctioning $21 billion in 10-Year Notes today, and will post the results at 1:00 PM ET. Treasury auctioned notes and bonds were not as well bid two weeks ago as they had been over the past year. The less than expected demand in notes and bonds is one of the reasons behind the recent increase in mortgage rates. If this auction is met with a lackluster interest from buyers, particularly international investors, that would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling of bonds could result in upward revisions to mortgage rates this afternoon.

What's Happening With Mortgage Interest Rates in Truro, MA Today:

Moderate to High Volatility. Mortgage rates are off their historic lows, and while they have been rising since last week, they are settling down a bit. The overall economy is improving without any increase in jobs. In addition, the federal deficit continues to grow while demand for US debt is waning. The Fed has also ended their purchases of mortgage backed securities.

We're also entering the prime home selling and buying season. Historically, mortgage rates rise and fall with the thermometer. Usually from this time of the year and into the summer months, as the weather warms, mortgage rates rise.

As such, there's little or no potential for lower mortgage rates anytime soon. If you're happy with the interest rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. It's better to have locked when you should have floated than it is to float when you should have locked.

If I were applying for a mortgage today, I would float for now. However, I would proceed with caution and maintain contact with my mortgage professional. I would be ready to lock in at a moment's notice as mortgage rates can continue to change for the worse.

Get current mortgage rates for Truro, MA.

Posted by

 

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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