This report was written by Robert Northfield, a Maplewood realtor familiar with the Maplewood, Short Hills, South Orange, Summit, Montclair, Millburn and West Orange markets, and may be of interest to residents considering refinancing their mortgages:
Tomorrow morning brings us the release of the almighty employment report, giving us April ’s employment statistics. This is where we may see a huge rally or major sell-off in the bond market and large changes in mortgage rates. As prices on bonds go down, the effective rate/yield will go up, causing a general rise in interest rates.
However, if a rally takes place, we could see lower rates. The ideal situation for the bond and mortgage markets would be a larger-than-expected increase in the unemployment rate and more payrolls lost during the month than was expected.
It could turn out to be a wonderful day in the mortgage market tomorrow, but it also carries risks of seeing mortgage rates move higher if the Labor Department posts stronger than expected readings. Current forecasts are calling for an 8.9 percent unemployment rate and approximately 620,000 jobs lost during the month.
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.
By Robert Northfield
Source: The New York Times (Maplewood Blogs) – U.S.A.
Mayo 20th, 2009 a las 10:31 pm
[...] This post was Twitted by RNorthfield – Real-url.org [...]