Current Pricing of FNMA 30 Year 4.5% Bond: $101.81
-25 bps (Prior Close – $102.06)
Market Update: Mortgage Backed Security (MBS) pricing is lower today from yesterday's close. Bond prices dropped continuing to decline rapidly. A decline in bond prices causes home loan rates to increase.
Economic News: Initial Jobless Claims were reported below expectations and at the lowest level in 14 months. Continuing Claims, however, are on the rise. The rise in Continuing Claims is more probably due to the unemployment claims extension that was recently passed.
Recommendation: LOCK
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 won't apply in all situations, so if you have questions please contact us for clarification. Also, if you're considering purchasing or refinancing and you would like us to arrange your financing please contact The Krushinsky Team at 602-695-7575 or email david.krushinsky@wjbradley.com.
For further clarification on the pricing of mortgages, click here.
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