Chatham, MA

The Mortgage Interest Rate Lock Advisory for Chatham MA for January 20, 2010

Here are some of the events affecting mortgage interest rates today in Chatham, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.66 this morning - the same as yesterday's close.
  
  
• The 4.5% MBS coupon is currently trading at 100.87 - up 7/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 12-21-2009 to 1-20-2010:

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be 0.125% - 0.375% better in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today

• Producer Price Index (PPI) for December - was up 0.2%, more than expected, but much less than the 1.8% increase in November. This means that prices paid at the producer level rose a little more than thought. Rising prices are inflationary and tend to have a negative impact on the mortgage market. However, at the core level, there was no change after jumping 0.5% in November. The core level excludes the more volatile food and energy prices. This led to lower mortgage interest rates this morning.
  
  
  
• Housing Starts for December - housing starts slowed in December. Housing starts fell 4.0% to an annualized rate of 557,000 units in December after rising 10.7% to an annualized rate of 574,000 units in November. This indicates that the housing sector is not recovering as well as previously thought. However, the number of housing permits issued rose 10.9% in December after follows a 6.9% increase the previous before. This means that builders have a more optimistic outlook on the housing market. Usually this report has little to no impact on the mortgage market or mortgage interest rates.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage interest rates are still at historic lows. There's not much potential for MBS prices to tick higher (lower mortgage rates) as the Fed begins winding down their stimulus programs soon as it appears the overall economy is improving. There's also the fear of inflation.

If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Mortgage rates are currently improving. If you have not yet locked in your mortgage interest rate yet, please proceed with caution and maintain contact with your mortgage professional and rates can change for the worse - often without notice.

Get current mortgage interest rates for your situation in Chatham, MA.

Home Value Update for Chatham MA 02633 Through November 2009

According to Trulia.com, the current average listing price of homes on the market in Chatham, MA is $1,421,357, while the current mean sales price of homes is $525,000. The sale prices of single family homes in Chatham, MA have fallen 31.3% in the past year through the end of November 2009, and have fallen 12.5% over the last 5 years. Below is a chart of the trend of listing prices of homes for sale in Chatham, MA, in the past year through November 2009:

Chatham Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Chatham, MA, or surrounding area. If you're looking for a home or condo to purchase in Chatham, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with a VA Loan or with a USDA Rural Development Home Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Chatham, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

The Mortgage Interest Rate Lock Advisory for Chatham MA for December 22, 2009

Here are some of the events affecting mortgage interest rates today in Chatham, MA.

What the Mortgage Backed Securities Market is Doing Today:

Prices of Mortgage Backed Securities Continue Free Fall in Massive Sell Off
Mortgage Interest Rates Are Rising - and Fast!

The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.56 this morning - the same as yesterday's close.

The 4.5% MBS coupon is currently trading at 100.06 - down 16/32 from its opening this morning. 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 interest rates will be 0.125% - 0.375% worse in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Final Revision to the 3rd Quarter GDP - the economic recovery is not as strong as earlier believed. GDP grew at an annualized rate of 2.2% in the 3rd quarter, less than expected. Analysts expected the GDP report to show an annualized growth rate of 2.7%. Last month's first revision showed that the economy expanded at a 2.8% annualized rate. This data usually does not have an impact on the mortgage market unless it varies greatly from forecasts.
  
  
• Existing Home Sales Report for November - existing home sales jumped 7.4% to an annualized rate of 6.54 million, the best since February 2007, and much more than expected. Analysts expected the report to show an annualized rate of 6.25 million. In October, existing homes sold at an annualized rate of 6.10 million. Released by the National Association of Realtors (NAR), this report will provide us with a measurement of housing sector strength and mortgage credit demand. This data usually does not have an impact on the mortgage market; however, mortgage interest rates continued rising this morning on the news.

Moderate to High Volatility - Mortgage interest rates are rising because of increasing fears of inflation. The sentiment is the health care bill will add hundreds of billions of dollars more to the already massive federal deficits. There's increasing concerns that the Fed will have to begin increasing short term interest rates and tighten monetary policy sooner than later.

The bond and mortgage markets will close early Thursday and will be closed all day Friday in observance of Christmas Day. This means that trades in mortgage backed securities will light during the latter part of the week. This raises the possibility of stronger reactions to surprises in the mortgage market from economic data than we normally would see.

There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. Mortgage interest rates are still at historic lows. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.

If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.

My Mortgage Interest Rate Lock Advice for Today:

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

• Lock if my closing was taking place within the next 7 days
• Lock if my closing was taking place between 8 and 30 days
• Lock if my closing was taking place between 31 and 45 days
• Lock if my closing was taking place between 46 and 60 days

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.

Get today's mortgage interest rates for your situation in Chatham, MA.

Home Value Update for Chatham MA Through October 2009

According to Trulia.com, the sale prices of single family homes in Chatham, MA have fallen 33.9% in the past year through the end of October 2009. Sale prices have depreciated 11.3% over the last 5 years.

The current mean sales price of homes on the market in Chatham, MA, is $550,000. Below is a chart of the trend of listing prices of homes for sale in Chatham, MA, in the past year through October 2009:

Chatham Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Chatham, MA, or surrounding area. If you're looking for a home or condo to purchase in Chatham, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Chatham, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

Chatham, MA Real Estate - MA MLS - Find Homes For Sale

Buying a home is an important investment however your primary focus should be to solve a housing need. The process can be very complicated if you do not work with industry professionals that can provide accurate information and advise you. The professionals include mortgage lenders, Realtors, Attorneys, Home Inspectors and Accountants. If you are a first-time home buyer, you may qualify for a tax credit ($8000 in 2009) and could be eligible for special financing programs.

For a map based search of all properties listed in the MA MLS go to

CHATHAM MA MLS

Let Chatham MA real estate assist you in finding the right property to meet your needs from local area homes for sale, foreclosure listings (bank-owned), country properties, land, condominiums and equine facilities -- all through the MA real estate Multiple Listing Service (MLS). Request relocation, school and demographic information.

The Massachusetts home search is easy with "quick search" options to search for MA real estate. Let us assist you in finding the property that meets your needs. The Virtual Homes MLS Map Search provides all MLS listings plotted in each town on a map. RE/MAX Innovations real estate agents can assist you in your search for the perfect home ((877) 266-9747.

Massachusetts Multiple Listing Service- Search the MLS for all NH property listings. Go to MA MLS.

Massachusetts Foreclosures and Bank Owned Homes - Register to receive New Hampshire foreclosure (bank-owned) listings and short sale opportunities. Go To MA Bank Owned

Home Search Service- Home search is a web-based real estate software tool (MLSpulse) that keeps you continually informed of your local real estate market. Virtual Homes real estate provides access to real estate, relocation and town information in New England states. Massachusetts Home Buyers Guide is a great resource for all consumers interested in purchasing MA real estate.