Should I Float? Should I Lock? - Daily Update for Monday, September 21, 2009

Here are the daily thoughts on interest rate floating or locking if you are asked by your clients. 

As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation. 

With no major news due out today, bonds are taking direction from stocks.  Currently bonds are looking to recover somewhat from Friday's drop, though hitting a bit of a rough time against the 200 day moving average.

Look for rates to improve slightly this morning when rate sheets are released by Amerisave Mortgage Corporation.

Technically speaking - the FNMA 4.5% 30 year bond has bounced back above to the 200 day moving average.  The bond is coming down from overbought status.

I am recommending to

   LOCK your best mortgage rate.

To learn why one should Float or Lock -

                          Check out Should I float? Should I lock? & Reasons to Float or Lock

To obtain rates and fees with a $500 guarantee - come visit