Provincetown, MA

The Mortgage Interest Rate Lock Advisory for Provincetown MA for January 27, 2010

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

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.94 this morning - the same as yesterday's close.
  
  
• The 4.5% MBS coupon was up as high as 101.06 this morning, but is now trading at 101.01 - up just 2/32 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 12-27-2009 to 1-26-2010:

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 the same in price this morning as compared to yesterday.

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

• New Home Sales Report for December - this report will provide us with another measurement of housing sector strength and mortgage credit demand. Analysts are expecting the report to show an increased in new home sales to an annualized rate of 440,000. In October, new homes sold at an annualized rate of 430,000. This data usually does not have an impact on the mortgage market unless it varies greatly from forecasts.

In other news,

The Treasury Dept. will auction $42 billion 5-Year Notes today. If there is a strong demand for bonds, mortgage rates should improve this afternoon. However, weak demand for bonds will likely push mortgage rates higher.

The Federal Open Market Committee (FOMC) will conclude its meeting today, and release a statement at 2:15 pm this afternoon. The short-term interest rates are expected to remain at its current level of 0 - 0.25%. However, bond and mortgage backed securities traders will be looking for a signal of the Fed's next move.

Both the results of the 5-Year Note auction and the FOMC statement can cause volatility in the bond and mortgage market this afternoon.

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 Provincetown, MA.

Home Value Update for Provincetown MA 02657 Through November 2009

According to Trulia.com, the current average listing price of homes on the market in Provincetown, MA is $657,902, while the current mean sales price of homes is $370,000. The sale prices of single family homes in Provincetown, MA have increased 1.6% in the past year through the end of November 2009, but have fallen 34.7% over the last 5 years. Below is a chart of the trend of listing prices of homes for sale in Provincetown, MA, in the past year through November 2009:

Provincetown 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 Provincetown, MA, or surrounding area. If you're looking for a home or condo to purchase in Provincetown, 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 Provincetown, 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 Provincetown MA for December 30, 2009

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

What the Mortgage Backed Securities Market is Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.03 this morning - up 6/32 from yesterday's close.
• The 4.5% MBS coupon is currently trading at 100.03 - the same as its opening.

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 essentially be the same in price this morning as compared to yesterday.

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

• There are no economic reports scheduled for release today.

In other news, the Feds will auction $32 billion in 7-Year Notes today; the results will be posted at 1 PM. The auction supply will weigh heavily on the bond and mortgage markets on mounting concern that demand from foreign central banks may lessen on concerns the US federal debt is too great. This could lead to higher mortgage interest rates.

Is the stock market rallying, or should we be bracing for a correction? Watch this video from CNBC to learn more:

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. As we saw last week, a shortened holiday trading week by no means translates into calmness in the mortgage market. The bond and mortgage markets will close early Thursday at 2 PM, and will be closed all day Friday in observance of New Years Day. This means that trades in mortgage backed securities will light today and tomorrow. This raises the possibility of stronger reactions to surprises in the mortgage market from economic data than we normally would see.

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.

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 11-30-2009 to 12-29-2009:

My Mortgage Interest Rate Lock Advice for Today:

If I were applying for a mortgage today or if I had already applied for a mortgage but have not yet locked in a rate, I would

• Float if my closing was taking place within the next 10 days


• Float if my closing was taking place between 11 and 30 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 Provincetown, MA.

Provincetown is a great place to visit, any time of year. December is a much slower pace, less crowded and more relaxed. One of my favorite places to dine at is Jimmy's Hideaway. We had a wonderful dinner here last evening. The atmosphere is warm and comfortable and the food is delicious.

Home Value Update for Provincetown MA Through October 2009

According to Trulia.com, the sale prices of single family homes in Provincetown, MA have depreciated 15.5% in the past year through the end of October 2009. Sale prices have depreciated 22.2% over the last 5 years.

The current mean sales price of homes on the market in Provincetown, MA, is $392,500. Below is a chart of the trend of listing prices of homes for sale in Provincetown, MA, in the past year through October 2009:

Provincetown 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 Provincetown, MA, or surrounding area. If you're looking for a home or condo to purchase in Provincetown, 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 Provincetown, 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.