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The Daily Mortgage Interest Rate Lock Advisory - July 9, 2009

Lewis Corcoran: Loan Officer in Brewster, MA

What the Mortgage Backed Securities Market is Doing Today:

The FNMA 30-Year 4.5% MBS opened down 10/32 this morning to 100.67 as Alcoa's quarterly earnings report came in higher then expected and as new claims for unemployment last week were much less than expected.

The price of the FNMA 30-Year 4.5% coupon closed up 19/32 yesterday to 100.98 (as shown by the white line). MBS is currently trading down 9/32 at 100.70 (as shown by the blue line). Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage rates will be 0.125% - 0.25% worse in price this morning as compared to yesterday's close.

Economic Reports for Today:

  • Jobless Claims - There were 565,000 new claims for unemployment last week - much lower than the 610,000 new claims that were expected. There were 614,000 new claims filed the previous week. While this is the lowest job loss since the beginning of the year, continuing claims for unemployment increased again last week to 6.769 million. This indicates that it's still taking more time for the jobless to find work. With the high rate of people unemployed, the threat of wage based inflation remains subdued. Employers do not have to pay higher wages to attract new employees during high unemployment times as people will be happy just to have a job. This data is usually not considered to be of high importance to the bond or the mortgage backed securities markets. However, with so few economic reports scheduled for release this week coupled with last week's worse than expected job losses, prices of MBSs fell (yields and mortgage rates rise) on this morning's news.

Important News of the Day:

There was a strong demand for the 10-Year Treasuries at yesterday's auction which led to higher MBS prices and lower yields and mortgage rates yesterday afternoon. However, this morning's jobs report and Alcoa's quarterly earnings report, which was released late yesterday, has caused some profit-taking in bonds this morning.

The Treasury Dept. will be auctioning $11 billion in 30-year Bonds today. A strong demand for the 30-Year Treasury may not have any impact on the markets, but a weak demand could signal that the bond rally may be ending, and may lead to higher mortgage rates this afternoon.

There are only three monthly economic reports scheduled for release the latter part of this week. While the unemployment report may have some impact, none of the scheduled reports are expected to have a major impact on prices of bonds or mortgage backed securities this week. The markets will be impacted more by the Treasury auctions and corporate earnings reports this week. Look for more details on this week's economic data releases and events on my Weekly Mortgage Market Watch at www.LewCorcoran.com/MyBlog.

What's Happening With Mortgage Rates Today:

Moderate to High Volatility. Overall, I am expecting mortgage rates to be fairly active for the remainder of this week. While yesterday's sales of the 10-Year Treasury notes were met with a strong demand, Alcoa's earnings reports came in better than expected. In addition, today's jobless report indicates that not as many people are losing their jobs as once were. While the economy is still faltering, the recession may be bottoming out. It may not be a return to boom times anytime soon, but things probably won't be getting much worse, either.

Some Commentary:

Yes, mortgage rates are coming back down once again. But they could be down for just a week. Or possibly a couple of months. Or maybe the rest of the year. Who knows. But if you're purchasing a home, now's the time to make a real concerted effort to finding your dream home. A lower mortgage rate now will either help you with your budget (lower monthly payments) or help you purchase that home you wanted but was just out of reach last month because of higher rates.

If you're refinancing and you missed the last boat, you're getting one more chance to refinance into a lower rate. If you miss this boat, you'll be left stranded high and dry without food and water for a long, long time. (Remember Tom Hanks in ‘Cast Away?') So, if you kinda-sorta-but-apprehensively like the rate that you're being offered today, then there's nothing wrong with locking it in - even if it is a little bit higher than you want it to be. The ever increasing massive government debt and fears of looming inflationary pressures could soon drive mortgage rates up again - this time for good!

Ask yourself this question: Will it hurt me more to lock in now and watch rates drop another eighth or a quarter point, or will it hurt me more to keep floating and watch rates turn for the worse? If you're willing to take the risk and continue watching rates, then hope your now-floating boat doesn't develop any major unstoppable leaks.

The boat you're being offered a ride on this time isn't as seaworthy as the last one you missed. MBSs opened sharply lower this morning. The seas were pretty choppy this morning, and as bond traders struggled to plug each leak before they got any worse, another one developed. So, for those of you on this last boat ride, we may have some smooth sailing ahead, but expect some rough seas and harrowing moments on this voyage.

If you're still floating, then keep a wary eye on the markets and maintain contact with your mortgage professional, because the markets can change at any moment. In fact, you may want to toss that martini and don your life jackets. And if the markets start to change for the worse, then give very real consideration to locking in a rate before it gets much worse. The Coast Guard's budget has been reduced and some stations have been closed. And if you're not prepared, you just might not get saved this time.

My Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

  • Lock if my closing was taking place within 7 days
  • Float if my closing was taking place within 8 and 30 days
  • Float if my closing was taking place between 31 and 60 days
  • Float if my closing was taking place over 60 days from now

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers. See today's mortgage rates at www.LewCorcoran.com/RateSheet.

Bridgewater MA Real Estate Market Stats-June 2009-Debra Cahill

07-09-09
Debra Cahill
Debra Cahill: Real Estate Brokerage in Bridgewater, MA

Bridgewater Massachusetts Market Stats-June 2009

There is nothing average about Bridgewater but everyone likes numbers so here we are....

To get a more detailed analysis on your Bridgewater Property--Give me a call. It would be my pleasure. (or click here for your own Market Snapshot) Or the full link is http://debracahill.topproducerwebsite.com/market-snapshot.asp

Debra Cahill-RE/MAX Landmark Realtors, 508-697-2480

Bridgewater, MA Market Stats-June 2009

In June of 2009 there were 18 homes that closed within the month for Bridgewater, MA. This is a decrease of 1 unit as there were 19 homes that closed in June of 2008.

The Average list price for the homes that closed in Bridgewater for June of 2009 was $296,057

The Average list price for the homes that closed in Bridgewater for June of 2008 was $317,169

The Average list price for the homes that closed in Bridgewater for June of 2009 was $296,057

The Average sale price for the homes that closed in Bridgewater for June of 2009 was $283,493

The Average Market time for the homes that closed in Bridgewater in June of 2009 was 94 days.

The Average Market time for the homes that closed in Bridgewater June of 2008 was 151 days.

19 homes went under agreement in Bridgewater, Massachusetts in the month of June 2009. The average list price of the homes that went under agreement was $273,881. The average time on the market for these Bridgewater homes were 109 days

Holewiak Bike Run

Jessica DeCastro: Real Estate Agent in Cranston, RI

This Sunday July 12, 2009 there will be a bike run in Memory of "Little Ed" If you have a bike everyone is meeting at Cardi's Furniture in Swansea, MA between 8am-10:15am we will be going on a 50 mile scenic motorcycle ride and end at Francis Farm in Rehoboth.. Whether or not you have a bike you can meet us at Francis Farm in Rehoboth to watch the bikes ride in! There will be Live Music, Bike Rodeo, Burn out Pit, Bounce House & Food. For more information, please call 508-677-9557 or email prmhbikerun@aol.com $20/ person

Hope to see you there, it is going to be a wonderful time!

Lordvale Acres Grafton Massachusetts 23 Samuel Drive Just Sold

Bill Gassett Metrowest Massachusetts Real Estate: Real Estate Agent in Hopkinton, MA

Grafton MA Real Estate ~ Just sold 23 Samuel Drive Grafton Massachusetts at Lordvale Acres. Sold at $203,000. Sold on 5/29/09. Sold by Bill Gassett, RE/MAX Executive Realty.

23 Samuel Drive Lordvale Acres Grafton Mass

I recently completed the sale of a very nice unit at 23 Samuel Drive at Lordvale Acres in Grafton. If you are considering purchasing a townhome and are on a tight budget, the condos at Lordvale Acres offer a very good value. For around $200,000 you are able to get a townhome with two bedrooms and 2.5 baths as well as a 1 car garage! Most of the units have a finished basement which brings the gross living area to around 1600 square feet. Many of these townhomes with finished lower levels walk-out to daylight by double sliders so they don't feel like a typical basement.

On the 1st floor you will find a very open floor plan with a kitchen, dining area, and living room. Many of the Lordvale units have a full slider out to a small deck area. The 2nd floor comes with two very good size bedrooms along with a bath in each bedroom. The master bedroom also has a balcony/deck area in many of the homes.

Lordvale Acres was built in the mid 1980's. There are 150 townhomes in the complex. The homes are heated by forced hot air (Gas) and come with central air. The condo fees as of June 2009 are $242.00.

Adjoing the Lordvale Acres condo's you will also find a newer area of townhomes known as Forest Hills. The pricing in the Forest Hills neighborhood is a little bit more expensive as the units are a lot younger. Prices of the resale units range from around the mid 250's up to around $400,000. There are still a few NEW units that are being built and these are priced around the $330's.

Thinking of selling your home in Lordvale Acres, Forest Hills or other Metrowest/Grafton neighborhood? Call or email me...I would welcome the opportunity to show you how my online marketing can get your home SOLD!

One of the things I do with all the properties I market is create an online presence. Over 85% of all buyers find their home online. These posts and my blog are highly indexed by Google...in fact this may be how you arrived here? You can see a sampling of my Grafton Mass Condo marketing here.

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About the author: The above Real Estate information on Lordvale Acres was provided by Bill Gassett, a RE/MAX Executive Realty Grafton Mass Real EstateNationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Hopkinton MA and other Metrowest towns for the last 23+ Years.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

For Massachusetts and Grafton MA Real Estate and condos see Grafton Mass Condos. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

Subscribe in a reader

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

Southboro Real Estate Report June 2009

Bill Gassett Metrowest Massachusetts Real Estate: Real Estate Agent in Hopkinton, MA

Southboro Massachusetts Real Estate Market Report for June 2009

Southboro Real Estate Market Report

In June of 2009 there were 4 homes that closed within the month for Southboro Massachusetts. This is an decrease of 8 units, as there were 12 homes that closed in June of 2008.

The Average list price for the homes that closed in Southboro for June of 2008 was $735,442

The Average list price for the homes that closed in Southboro for June 2009 was $302,150

The Average sale price for the homes that closed in Southboro for June of 2008 was $681,867

The Average sale price for the homes that closed in Southboro for June of 2009 was $289,500

The Average Market time for the homes that closed in Southboro in June of 2008 was 209 days.

The Average Market time for the homes that closed in Southboro June of 2009 was 87 days.

2 homes went under agreement in Southboro MA in the month of June. The average list price of the homes that went under agreement was $641,500. The average time on the market for these Southboro homes were 16 days.

Through June there have been 25 homes that have sold in Southboro. There were 36 homes that closed last year at this point in time.

January - December 2008 Market Statistics for Southboro MA

In Southboro MA for the period of January to December 2007 there were 88 properties sold.

In Southboro MA for the period of January to December 2008 there were 65 properties sold.

In Southboro MA for the period of January to December in 2007 the average list price was $617,149 the average sale price was $591,417 and the average market time was 158 days.

In Southboro MA for the period of January to December in 2008 the average list price was $621,602 the average sale price was $589,084 and the average time on the market was 142 days.

** The above statistics are for single family homes only and do not include condo's or Multi-family homes in Southboro MA.

In comparing year over year longer term data for Southboro Massachusetts through December of 2008, there have been less homes sold. The average sale price was very stable as there were more higher end properties that closed which kept the average up. The average days on the market has declined in Southboro Massachusetts.

These statistics are similar to many of the towns in Metrowest MA and represent the on going weakness in the market as compared to previous years. What must be stressed, however, is that these home figures still represent a healthy amount of sales.

Click here for previous Southboro Real Estate Market Reports.

Market reports for Hopkinton

Market Reports for Westboro

Market reports for Holliston

Market reports for Milford

Market reports for Ashland

Selling a home in Southboro Massachusetts or other Metrowest town is heavily dependant on pricing your home properly and picking an agent that will create an "online market presence" for your home. As a home seller, you need to be aware that the market in Southboro and many other Metrowest communities has changed over the last three and a half years. We are no longer in a seller's market. When selling a home in Southboro Massachusetts, it pays to have a pro in your corner representing you.

** 85% of all buyers are finding their homes on the Internet. See where I advertise on-line to give my clients on dominant internet presence at Metrowest MA Homes ~ How to effectively market to the masses on-line. **

We are no longer in a seller's market. When selling a home in Southboro MA, it pays to have a pro in your corner representing you. Here are some Real Estate interview questions to ask when interviewing your agent, that will help you determine if you are hiring a top producer or not!

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About the author: The above Southboro Massachusetts Real Estate report was provided by Bill Gassett, aRE/MAX Executive Realty Southboro Mass Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Southboro MA and other Metrowest towns for the last 23+ Years.

For Massachusetts and Southboro MA Real Estate and homes see Southboro Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

Thinking of selling your home? I Have a passion for Real Estate and would love to have you as one of my clients!

I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northboro, Northbridge, Uxbridge, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

Subscribe in a reader

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.