So far today mortgage backed securities are continuing with the direction to help consumers. They are higher for the day. Please remember that as the price of mbs moves higher, the yield or mortgage rates, moves lower.
With the New Years holiday midweek we will be light on data. On Tuesday the Consumer Confidence numbers roll in and on Wednesday we get jobless claims and the Chicago PMI. Then Friday we get the ISM index. Now since a lot of traders will be on vacation and the trade volume will continue to be low they reports should not have a major impact on the mbs price.
If your closing within the next month it should not hurt you to float but if you are happy with the rate and terms you can get lock and move on. It should not get much lower.
On a side note, if you are planning on refinancing or buying a new home, expect the loan process to take longer. We usually underwrite a loan in 24 to 48 hours, but with the increase in volume some are taking up to 12 days to underwrite. To be sure you are getting accurate information. Make sure you are locking your rates for at least 45 days.
As always thanks for reading and let me know what I can do to help with your mortgage needs.
Kind regards,
Tony Grego from Amerisave
Your Place for Great Rates!
Posts
No comments:
Post a Comment