Should I Float? Should I Lock? - Daily Update for Friday, November 6, 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. 

Good News for bonds (Bad News for the economy).  Though the average work week rose slightly as did hourly earnings - Payrolls dropped more than expected and Unemployment rose to 10.2%. All this is giving a very positive uplift to bonds.

Look for rates this morning to be drop from where they closed Thursday 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.   

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