Should I Float? Should I Lock? - Daily Update for Monday, November 2, 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. 

Pending Home Sales came in lower than last month but significantly higher than expected.  The Manufacturing Index also came in more robust than expected.  Surprisingly, neither of these reports are causing the angst in the bond market as one would expect.

Look for rates this morning to be dip some from where they closed Friday when rate sheets are released by AmerisaveMortgage Corporation.

Technically speaking - the FNMA 4.5% 30 year bond is currently keeping above the all important 200 day moving average. The bond is rising from oversold status.

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