Current Pricing of FNMA 30 Year 4.5% Bond: $101.09
+21 bps (Prior Close – $100.88)
Market Update: Mortgage Backed Security (MBS) pricing is higher today from yesterday's close. Yesterday, the Federal Reserve issued its Policy Statement but there with no real surprises. MBS prices are up on the day which drives home mortgage interest rates lower.
Economic News: Productivity came in much higher than expected at 9.5% vs. the 6.5% increase estimated. Initial Jobless Claims posted 512,000 vs. the 522,000 expected. The Stock market is rallying again today on this data and a follow-through on yesterday's rally. Tomorrow's Jobs Report will probably indicate continued weakness in the labor market, with the unemployment rate likely exceeding 10%.
Recommendation: FLOAT
For information on purchasing or refinancing your home, contact The Krushinsky Team at 602-695-7575 or email david.krushinsky@wjbradley.com.
The decision to float or lock your interest rate can save, or cost, you thousands of dollars in upfront fees. Our recommendation doesn't apply to all scenarios, so if you have questions about your home loan, please contact us directly.
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