Massachusetts Mortgage Rate Commentary 09/30/2009

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Wednesday’s bond market has opened flat despite early stock weakness. The stocks markets are posting noticeable losses with the Dow down 83 points and the Nasdaq down 15 points. The bond market is nearly unchanged from yesterday’s closing level, but we should still see an improvement in this morning’s mortgage rates of approximately .250 of a discount point due to strength late yesterday.

Today’s only relevant economic data was the final revision to the 2nd Quarter Gross Domestic Product (GDP). It showed a revised reading of a 0.7% decline that was stronger than expected. The last revision revealed a 1.0% drop in GDP, meaning the economy was stronger last quarter than many had thought. Theoretically, this is negative news for bonds because stronger economic activity makes long-term securities such as mortgage-related bonds less attractive to investors. However, this data is so aged now that it has not had much of an impact on trading this morning or …

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©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary 09.29.09

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Tuesday’s bond market initially opened well in negative territory but has since recovered a good portion of those losses following a much weaker than expected consumer confidence reading. The stocks markets are posting losses with the Dow down 27 points and the Nasdaq down 9 points. The bond market is currently down 2/32, but this is well off earlier lows. However, we will still likely see an improvement to this morning’s mortgage rates of approximately .125 of a discount point due to strength yesterday.

The Conference Board, who is a New York based business research group, reported late this morning that their Consumer Confidence Index (CCI) for September stood at 53.1. That was a decline from August’s reading and well below forecasts of a 57.0 reading, indicating that consumers were much less optimistic about their own financial situations than many had thought. This can be considered good news for bonds and mortgage rates because it means that consumers are less likely to make a large purchase in the near …

To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary 09/28

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Monday’s bond market has opened up slightly despite strong stock gains. The stock markets are rallying with the Dow up 126 points while the Nasdaq has gained 41 points. The bond market is currently up 4/32, which should improve this morning’s mortgage rates by approximately .250 of a discount point.

There is no relevant economic news scheduled for release today. Tomorrow starts this week’s fairly busy calendar with the first release September’s Consumer Confidence Index (CCI) at 10:00 AM ET. This Conference Board index gives us a measurement of consumer willingness to spend. It is expected to show an increase from last month’s reading, indicating that consumers are …

To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary week of 9/27/2009

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

This week brings us the release of six relevant economic reports for the bond market to digest. There is nothing of importance scheduled for release tomorrow, so look for the stock markets to influence bond trading and possibly mortgage rates. I would not be surprised to see a relatively calm day as traders prepare for this week’s data, some of which is considered to be extremely important.

The first release of the week is September’s Consumer Confidence Index (CCI) late Tuesday morning. This Conference Board index will be posted at 10:00 AM and gives us a measurement of consumer willingness to spend. It is expected to show an increase from last month’s reading, indicating that consumers are more optimistic about their own financial situations than last month and more likely to make large purchases in the near future. This is bad news for the bond market and mortgage rates because consumer spending fuels economic growth. Analysts are calling for a reading of approximately 57.0, up from August’s 54.1. If we see a…

To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary 09.25.2009

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Friday’s bond market has opened flat following the release of mixed economic new. The stock markets are showing minor losses with the Dow down 14 points and the Nasdaq down 10 points. The bond market is currently up 2/32, which will likely improve this morning’s mortgage rates by approximately .125 due to strength late yesterday after news that the 7-year Note sale went pretty well.

There were three reports posted this morning. Results of two of them can be considered negative for bonds and mortgage rates while one is good news. Since the most important one gave us much weaker than expected results, we have not seen much selling in …

To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary 09/24/2009

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Thursday’s bond market has opened in positive territory following early stock weakness and news of an unexpected decline in home sales. The stock markets are showing losses with the Dow down 38 points and the Nasdaq down 25 points. The bond market is currently up 9/32, which will likely improve this morning’s mortgage rates by approximately .125 - .250 of a discount point compared to yesterday’s morning rates.

The Labor Department announced this morning that 530,000 new claims for unemployment benefits were filed last week. This was much lower than the 550,000 that was expected, meaning the employment sector was stronger than thought last week. That is bad news for bonds and mortgage rates, but since this data tracks only…

To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com

Massachusetts Mortgage Rate Commentary 09.23.2009

Here's your Daily Commentary report compliments of Jeff Drew and Star Mortgage!

Wednesday’s bond market opened slightly in negative territory as traders prepare for today’s Treasury auction and the FOMC post-meeting statement. The stock markets are showing small losses with the Dow down 19 points and the Nasdaq down 2 points. The bond market is down 2/32, which will likely push this morning’s mortgage rates higher by .125 - .250 of a discount point.

I am expecting to see a relative calm morning in trading and mortgage rates but would not be surprised at all to see a revision to mortgage pricing later today. This morning’s weakness in bonds is common ahead of important Treasury auctions. If the sales go well …


To read the rest of the story click on “mortgage”: mortgage



©Mortgage Commentary 2009

* Please note that this information reflects just one opinion on the current market. If you are considering a purchase or refinance and have a mortgage rate and monthly payment you are comfortable with you may want to consider locking that mortgage rate. It is very difficult to predict the market in these very volatile times. Most lenders have a mortgage rate renegotiation policy. Contact Jeff Drew for details. Jeff@StarMortgage.com