Current Pricing of FNMA 30 Year 4.5% Bond: $101.78
+12 bps (Prior Close – $101.66)
Market Update: Mortgage Backed Security (MBS) pricing is higher today from yesterday's close. Even though prices are slightly higher, we are still recommending a locking bias. We feel 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: There are no economic reports due for release today. The Federal Reserve purchased $16 Billion in MBS last week, bringing the total to $1.023 Trillion out of the $1.25 Trillion allotted for the program. The MBS purchase program is scheduled to end in the first quarter of 2010.
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.
On another note, I just wanted to wish my daughter, Kelli Krushinsky, a Happy 10th Birthday.
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