Current Pricing of FNMA 30 Year 4.5% Bond: $102.62
+12 bps (Prior Close – $102.50)
Market Update: Mortgage Backed Security (MBS) pricing is higher today from Friday's close. Bonds are higher from last week's news that the country of Dubai needed extra time to make their debt payments. Nervous investors rushed into the safe-haven of Treasuries and Mortgage Backed Securities.
Economic News: The infamous "Black Friday" shopping day came and went and the early numbers show the shopping traffic is up, but the dollars spent per shopper may be down. I asked my 10-year old daughter why she thought it was called "Black Friday" and she said, "Because we have to get up to go shopping when it's still dark out". Very logical. This Thursday brings the announcement of the next round of Treasury auctions. The auctions include longer term maturities, such as 10- and 30-years which compete with Mortgage Bonds, so this will be especially important to watch.
Recommendation: FLOAT
If you're considering purchasing or refinancing, 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.
No comments:
Post a Comment