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Rate Lock Advisory - May. 6th

May 6th, 2008 4:47 PM

Rate Lock Advisory - Tuesday May. 6th

Monday's bond market has opened in positive territory even with little news to influence trading. The stock markets are mixed with the Dow down 35 points and the Nasdaq up a couple of points. The bond market is currently up 7/32, which will likely improve this morning's mortgage rates by approximately .125 - .250 of a discount point.

There is no relevant economic news scheduled for release today. In fact there is little data scheduled to be posted this week. The Labor Department will release its 1st Quarter Productivity and Costs data early tomorrow morning. This information helps us measure employee productivity in the workplace. High levels of productivity help allow low-inflationary economic growth. If employee productivity is rising, the bond market should react favorably. However, a decrease could raise inflation concerns that cause bond prices to drop and mortgage rates to rise Wednesday morning. It is expected to show a 1.5% increase in productivity.

March's Goods and Services Trade Balance report will be released early Friday morning. This report gives us the size of the U.S. trade deficit but likely will not have much of an impact on the bond market or mortgage pricing. It is the least important of this week's data.

In addition to this week's economic data, we also have Treasury auctions that can influence bond trading and affect mortgage rates. The Treasury will hold a 10-year Note sale tomorrow and 30 Year Bond sale Thursday. Results of the auctions will be posted at 1:30 PM ET. If they were met with a strong demand from investors, we could see bond prices rise enough during afternoon trading to cause downward revisions to mortgage rates. However, lackluster bidding could lead to higher mortgage pricing those afternoons.

If I were considering financing/refinancing a home, I would.... Float if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... 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 all/any other borrowers.

©Mortgage Commentary 2008

Posted by Sandy Boci on May 6th, 2008 4:47 PMPost a Comment (0)

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Is a short sale for you!

May 2nd, 2008 5:10 PM

Is a short sale for you!

There is a way you can control you financial future and minimize the impact on your credit score. A “Short Sale”, selling your home for less then you owe is your tool to achieve this goal.

Sailing Home Realty specializes in the Short Sale process. Briefly, we will work with your lender(s) to accept less than the amount you owe releasing you from the full debt obligation. Let us explain the process which will enable you to determine on your own terms the sale of your home and providing yourself with a cleaner financial start.

We can help! Call us @ 516-428-6065

Posted by Sandy Boci on May 2nd, 2008 5:10 PMPost a Comment (0)

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