Monday, March 3, 2008

Today has been a quiet day for interest rates.  Mortgage rates have remained unchanged since last Friday.  However, industry leaders are edging toward a "lock" recommendation, as this week may be prove to be volitile. 

My clients ask me every day, "Should I lock or float?"  And my answer is this..."Your crystal ball is as good as mine."  (Okay, maybe not quite that blunt, but you get my point.)

Our markets have been so crazy and so unpredictable that it is hard for even the experts to get a good handle on things.  So when should you lock?  When the economic indicators give us reason to believe that rates are going up...When you feel you are not willing to take the risk to float...When you feel good about your new housing payment with the current rate.

Why should you float?  Because you can HANDLE the risk.

Twin Cities Mortgage Rates

30 Year Fixed          5.875%

15 Year Fixed          5.25%

30 Year Jumbo        6.875%

Make it a great Monday,

Minnesota Mortgage Mom