Boston Real Estate
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Yikes, Mortgage Markets have lost over 180 basis points since January 31st. The 30 years fixed product is now in the low 5’s potential borrowers or possible homeowners looking to refinance.
Overall, despite being an extremely light week in terms of economic releases and related events, it is still relatively crucial for the mortgage market. We saw the yield on the benchmark 10-year Treasury Note break above 3.50% and close at 3.65% last week. This should be of concern for mortgage shoppers as the 10-year was trading in a well-defined range until late last week. Since mortgage rates follow yields, we need to see some stabilization very soon or yields (and rates) may be moving higher. I suspect it will be tough to fall below 3.5% unless we get some unexpected major news or a significant stock sell-off. Therefore, please be careful if still floating an interest rate this week as I believe we are set for a noticeable move in the very near future. However, the question is if it will be rated moving higher or lower from current levels.
If I were considering financing/refinancing a home, I would….
LOCK if my closing was taking place within 7 days…
LOCK if my closing was taking place between 8 and 20 days…
FlOAT if my closing was taking place between 21 and 60 days…
FlOAT if my closing was taking place over 60 days from now…
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