Should I Float? Should I Lock? - Daily Update for Wednesday, October 28, 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. 

Yesterday some good things happened - Consumer Confidence dropped below expectations, the Treasury auction had a good turn out for purchasing and maintaining US debt.  This morning Durable Goods came in at expectations while New Home Sales were lower than expectations.  

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

Technically speaking - the FNMA 4.5% 30 year bond broke back above the all important 200 day moving average. The bond is near oversold status so a rally could develop.

I am recommending to

   LOCK your best mortgage rate.  I 

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