Current Pricing of FNMA 30 Year 4.5% Bond: $101.66
-3 bps (Prior Close – $101.69)
Market Update: Mortgage Backed Security (MBS) pricing is lower today from yesterday's close. Once again, we are still recommending a locking bias as there is significantly more risk to float versus locking. A decrease in Bond prices will result in higher home financing rates for borrowers.
Economic News: Initial Jobless Claims met expectations, and Continuing Jobless Claims fell by 39,000. The drop is likely due to benefits expiring, rather than people finding jobs. The Treasury Department also announced next week's auctions will bring $44 Billion in 2-year Notes, $42 Billion in 5-year Notes, and $32 Billion in 7-year Notes. Not bad, only $118 Billion for two weeks.
Recommendation: LOCK
Contact The Krushinsky Team at 602-695-7575 or email david.krushinsky@wjbradley.com to find out how to take advantage of today's best loan rates.
The decision to float or lock your interest rate can save, or cost, you thousands of dollars over the life of your new mortgage. Our recommendation doesn't apply to all borrowers, so if you have questions please contact us directly.
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