October 1st Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 28th, 2009
MAJOR RATE DROPS YESTERDAY AFTERNOON AND THIS MORNING: BEST RATES IN 4 MONTHS
Major stock selloff as the fourth quarter begins has triggered a continuing drop in mortgage interest rates. Labor reports show continuing unemployment, and weaker manufacturing figures than expected sparked worries that the economy is not recovering as fast as analysts have hoped.
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StumbleUponSeptember 30th Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 28th, 2009
RATES HIGHER THIS MORNING FOR NO APPARENT REASON. Despite a weak stock market this morning, bonds and mortgage-backed securities pricing was off, meaning an increase in rates over yesterday’s. With little economic data released and trading volume on the low side, I would expect loan pricing to improve .125% to .250% by the day’s end.
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September 29th Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 28th, 2009
RATES ARE DOWN FROM SUMMER HIGHS REACHED YESTERDAY AFTERNOON
Today’s Case Shiller Home Price index, which tracks the monthly changes in the value of residential homes in 20 metropolitan areas, indicates that home values sampled gained 1.6%. And annually, it reports smaller-than-expected decreases of 13.3%. In the wake of this data, whiich indicates positive economic changes, mortgage-backed securities (MBS) prices dropped a bit, increasing tields and interest rates.
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September 28th Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 28th, 2009
By lunch time, stocks were up by approximately 2%. The bond market, after starting the day on the upside, leveled off and gave back its early gains. Thirty-year rates are holding on and may impropve slightly. For shorter terms, I anticipate rates unchanged or moving very slightly higher.
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September 25th Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 21st, 2009
Lots of economic data today but little effect on mortgage interest rates. Mortgage-backed securities (MBS) are relatively unchanged this morning in the wake of a successful Treasury auction yesterday. Part of this is the “Friday effect” and is the result of lenders’ caution going into a weekend. They prefer to price less aggressively to offset the risk of weekend events, or “tape bombs” affecting the price of money after customers have locked on Friday but before lenders can nail down the funds.
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September 24th Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 21st, 2009
MAJOR IMPROVEMENTS IN RATES FOLLOWING FOMC MEETING AND IN SPITE OF WEAK TREASURY AUCTION. I strongly recommend locking today for several reasons. First, MBS prices are as good as they get, and rates are the best they have been all summer. MBS have been trading in a tight range and have not been able to break out–any time they get close, like they have this morning, they retreat and rates worsen. Today looks like the right time to take advantage of the improvement in rates and secure your best deal.
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September 23rd Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 21st, 2009
Mortgage rates were left pretty much unchanged yesterday and early today while investors wait for another Federal Open Market Committee (FOMC) statement. Mortgage-backed securities (MBS) prices did manage to move slightly higher in the wake of a successful auction of 2 year Treasury notes. The small price increases resulted in a few price improvements on shorter term loans, but the par conventional 30 yr mortgage rate held steady. Today’s movements will largely depend on stock market prices (MBS prices tend to have an inverse relationship with stock prices) and the release of notes from the FOMC meeting later this afternoon.
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September 22 Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 21st, 2009
REPRICING FOR WORSE LIKELY TODAY. Mortgage-backed securities (MBS) prices have dropped in morning trading as stocks rallied and lenders may not be able to absorb the hit. In the absense of major economic news, rates are dependent on stock market movements today’s Treasuty auction results. In addition rising gold and oil prices are putting inflationary pressure on bonds and MBS and today’s rates reflect that.
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September 21st Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 21st, 2009
This morning, The Conference Board said that its Leading Economic Indicators for August increased 0.6%. This means expect moderate- to-rapid growth in economic activity. This would seem to be inflationary and bad for mortgage-backed securities (MBS), except that The Conference Board’s reading indicates less growth than many analysts have predicted. So it’s actually good news for bonds and MBS. Rates improved slightly this morning before backing back down in advance of tomorrow’s first Treasury auction. So little has changed compared to Friday afternoon and they are still well within their recent trading range. Nothing has yet broken the trend.
October 2nd Best Mortgage Interest Rates and Lock Recommendation
By: Liz Freeman
September 28th, 2009
JOB LOSSES CONTINUE, STOCKS SLIDE, MORTGAGE INTEREST RATES IMPROVE ** LOCK THIS MORNING ** Payrolls dropped dramatically in September and the unemployment rate hit another 26-year high. The Labor Department said there was a net loss of 263,000 jobs in the month–far more the 175,000 expected by analysts.Markets react when data defies expectations, and this morning the stock market is taking a sound beating–but that’s good for mortgage-backed secutities (MBS), bonds, and interest rates.
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