Mortgage Rates Holding Steady

Here’s the latest mortgage news from Dale Lawrence

“Mortgage rates held steady in most cases yesterday, though several lenders continued to improve. The average lender is at least down to 3.75% in terms of conventional 30yr fixed rates on top tier scenarios, but some may be back to 3.625%.
Yesterday’s strong gains came courtesy of a speech from Fed Chair Yellen, and today provided an opportunity for financial markets to confirm their intentions. If the Yellen-inspired drop in rates was going to be a temporary knee-jerk movement, we would have seen evidence of that today. As it stands, this sideways movement is the market’s way of getting comfortable with heading back toward lower rates. It’s not necessarily a given, but the point is that it hasn’t been ruled out.
Whether or not we can remain in this range (or better) may be determined with Friday’s big jobs report. It’s not so much the level of job creation as it is the potential for a big surprise in wage growth that could affect rates. More wage growth would cause an increase in inflation expectations, which is the Fed’s toughest opponent when it comes to raising rates.  
Loan Originator Perspective
As always, if you are happy with the current quote, nothing wrong with locking.
Today’s Best-Execution Rates

• 30YR FIXED – 3.625-3.75%

• FHA/VA – 3.25-3.5%

• 15 YEAR FIXED – 3.00

• 5 YEAR ARMS – 2.75 – 3.25% depending on the lender
As always – if you or anyone you now needs mortgage financing assistance feel free to reach out, I would be happy to assist.”

Downtown Streetscape Update – March 29, 2016

From the office of Town Administrator Jeff Nutting, here’s the latest on the downtown construction… 

“Next week, construction will begin on the new sidewalk improvements and new road work on East Central Street leading into downtown. The bridge deck portion of the new island should be completed by the end of April. The project is anticipated to be fully complete by the end of August.

Also, please note detours. From time to time, please be aware of detours around the downtown construction area through the spring and summer. Detours may need to be established as the construction team sees fit, and may not be able to give residents notice in advance. If we can, we will.”

Mortgage Rates Continue Higher

Here’s the latest on mortgages from Dale Lawrence

“Mortgage Rates Continue Higher

March 23, 2016

Mortgage rates moved higher again yesterday, casting a bigger shadow on last week’s improvements. Rates haven’t yet returned to the higher levels seen at the beginning of last week, but they’re quickly closing the gap. Still, the notion of “higher rates” is relative when most lenders are still quoting the same contract rates today vs yesterday. It’s only when we look at the upfront costs (or credit, depending on the scenario) that we see a deterioration. The average lender continues quoting conventional 30yr fixed rates in a range of 3.75-3.875%.

When it comes to the road ahead, yesterday’s weakness alone was enough to call last week’s positive trend into question. Naturally, today’s weakness only adds to the negative vibes. To be sure, there is more room for rates to rise without setting off the most serious warning bells regarding the longer term trend, but the momentum is negative enough that it doesn’t make sense to roll the dice without considering the risks. For those who choose the riskier path, be sure to set stop-loss level (i.e. locking to avoid further losses if rates rise).  

Loan Originator Perspective

Yesterday’s terrorist events in Brussels typically would have yielded a greater move lower in interest rates. The lack of the move lower can be attributed to a few factors, including the desensitization of these events, and the limited shock value they carry, or potentially the reality that bond bears are winning the fight. Good news is it looks like we will have another day in sub 4% 30 year mortgage rates. This week will be plagued with holiday schedules, therefore we must wait until next week for any real confirmation in either direction.   

Today’s Best-Execution Rates

• 30YR FIXED – 3.75-3.875%

• FHA/VA – 3.25-3.5%

• 15 YEAR FIXED – 3.00

• 5 YEAR ARMS – 2.75 – 3.25% depending on the lender”

Downtown Demolition

If you’ve driven around the downtown triangle in Franklin over the last few days, you’ve certainly seen the building being demolished at the corner of Emmons and West Central Streets. But did you know it used to look like this?   

Courtesy of Franklin Historical Museum

 In the late 1800s, this was built as the Horace Mann High School, and it educated generations of Franklin students until 1924. In 1938, its distinctive look was changed with the removal of the top floor and turret, but it continued to serve the Town as an elementary school, then the Municipal Building, and most recently as the home of the Recreation Department. 
We’ll miss the grand old building, but once its replacement is complete, its legacy will be honored with a life-size statue of Horace Mann, to make the gateway to Downtown Franklin complete. 

If you liked this post, be sure to check out what else the Franklin Historical Museum has to offer! 

Be in the know

First official day of spring yesterday, and it looks like blizzard out there this morning. Gotta love New England!

Before I do anything else, I want to congratulate the Franklin High School boys’ hockey team, who won the Division I state championship at the Garden last night! Good work, guys. Enjoy that two-hour school delay this morning and sleep in a bit. 

What delay, you say? Come to think of it, why hasn’t my trash been picked up yet? When you’re looking for info on town services like trash pickup and school closings, there are two ways you can stay in the know. You can participate in Facebook groups for your community, which often have the latest town news and rumors, but the best way is to go straight to the source. Here in Franklin, you can sign up on the town’s website to subscribe to news alerts by email. You can opt in or out to several different lists, including police alerts, recycling news, general town news and announcements, and “The Franklin Connection.” If you’re not in Franklin, check out your own town’s official website; chances are good they have something similar. Sign up now, and rest easy knowing you’ll be in the loop no matter what’s going on in town. 

Downtown Traffic Alert – March 17, 2016

From the office of Town Administrator Jeff Nutting, here’s an important alert about today’s traffic pattern: 

“Good Morning,

Walsh is going to do some barrier reconfiguration today that will require two separate detours.

During the morning hours, traffic traveling down East Central St on to Main St will be detoured down Cottage St. During the afternoon hours, traffic traveling south on West Central St will be detoured down East St. Traffic traveling from West Central St on to Main St will still be allowed to pass through. All businesses will remain accessible. 

Thank You,

Anthony Tavalone


Mortgage Monday with Dale

Happy Monday! Here’s Dale Lawrence‘s latest mortgage news…

Mortgage Rates Remain Near Recent HighsMarch 14, 2016

Mortgage rates moved slightly lower today, for the second time in March. Unfortunately, the improvement did little to erase the recent weakness, which, as of Friday, had carried rates to their highest levels since late January. We’re essentially still right there, but with slightly improved closing costs, depending on the lender. The most prevalent conventional 30yr fixed quotes remain in a range of 3.75% to 3.875% for top tier scenarios.  

Any time that rates have a winning day after such a steady streak of losses, it’s tempting to conclude that things might be changing. While that will always be a possibility, it usually makes more sense to reserve judgment until we see a firm shift in the trend. With respect to today, specifically, it’s not too surprising to see financial markets calming down a bit with this week bringing the big Fed Announcement on Wednesday. There is often a period of momentum followed by a brief consolation (in financial markets, and thus, mortgage rates) heading into this sort of big-ticket event. 

When it comes to the Fed, this week’s announcement is important simply because markets may have a big reaction to it. Most analysts see very little chance of the Fed raising rates. And even then, the connection between the Fed Funds Rate and mortgage rates is inconsistent at best. There’s no telling which way the momentum will be moving on Wednesday afternoon, making both risk and reward elevated.