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Should I float? Should I lock? - Daily Update for Thursday, May 22, 2008

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.

The most recent Fed meeting minutes released yesterday showed the Fed definitely thinking the economy will weaken further. To combat recession, they are even signalling an end to the current spate of cuts. This combined statement led to a weakness in both the stock and bond markets. This morning didn't help matters when Jobless Claims came in just below target.

Technically speaking - the FNMA 5.5% 30 year bond dropped to support levels yesterday. This morning things aren't looking to rosy for the bond - already below support levels.

If you haven't done so yet

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

Posted by Matthew Rosov, Certified Mortgage Planning Specialist on 05/22/2008 08:06 AM

Comments (2)

mortgage education, mortgage rates, locking rates, maryland mortgages, tips

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2 Comments on Should I float? Should I lock? - Daily Update for Thursday, May 22, 2008

What is up with the bond market?! I just wish things would stabilize so anyone who wants to buy one of my listings will know what their rate is from one day to the next.

Anything good for a "stated, 100%" with a 580 credit score? Maybe at 5.75% (Just kidding! Sure ain't like the old days, huh?).

05/22/2008 10:24 AM

by Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty)

actually....

05/22/2008 01:48 PM

by Matthew Rosov, Certified Mortgage Planning Specialist (Amerisave Mortgage Corporation)

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