Here are the daily thoughts on 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 Existing Home Sales came in right on target which did little to sway the markets. The moving of the bond market was the continue bearish behaviour of Wall Street. Only scheduled reporting of the day has to do with oil inventories. This affects the bond market very little.
The only thing that might adversely affect the market this morning is the news that Bank of America will be ceasing the infamous Option Arm program once Countrywide Financial is safely under its umbrella.
Technically speaking - the FNMA 5.5% 30 year bond bounced up and hit the 25 day moving average with a resounding thud. Currently the bond is down 35 bps on the day. Though the day is young the bond has bounced off the 100 day moving average - which is good news.
Today is another great day to
Lock your interest rate.
To learn why one should Float or Lock -
Check out Should I float? Should I lock? & Reasons to Float or Lock
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