Should I Float? Should I Lock? - Daily Update for Thursday, October 1, 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. 

Personal Income and Personal Spending were both higher than expected.  Jobless Claims according to Uncle Sam were also higher than expected.  Personal Consumption and Expenditures for last month were in line with last month's numbers while the annual comparison was less than expected.  The national manufacturing index was below expectations and last months numbers though still in what is considered an expansion phase. 

Look for rates this morning to improve from where they closed yesterday when rate sheets are released by Amerisave Mortgage Corporation.

Technically speaking - the FNMA 4.5% 30 year bond have broken through a resistance level but remains to be seen if it can maintain this due to the bond being high in 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