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The Daily Mortgage Interest Rate Lock Advisory - June 30, 2008

By
Real Estate Agent with Better Living Real Estate, LLC 9152684

My Lock Advice for Today:

  • Float if my closing was taking place within 7 days, but watch the markets carefully and lock if conditions change
  • Float if my closing was taking place between 8 and 20 days, but watch the markets carefully and lock if conditions change
  • Float if my closing was taking place between 21 and 60 days
  • Float if my closing was taking place over 60 days from now

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Interest rates are based on numerous economic, financial and credit based factors that adjust daily. In addition, lenders can vary on qualification criteria from program to program. If you like the rate today, the safe bet is to lock. Even if rates improve, they wouldn't improve enough in the short term to make you cry about it. But if you are an ardent market bear, and accept the risk of negative mortgage headlines, and believe the economy will just get more bad news next week, and you have the money to risk, you may benefit from floating. Just remember, it always seems more painful to have not locked when you should have as opposed to locking and then watching rates get a little better.

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Lew Corcoran
Licensed Massachusetts Real Estate Agent
Accredited Home Staging Professional
Professional Real Estate Photographer
FAA Licensed Drone Pilot

Director, National Board of Directors,
Real Estate Staging Association (RESA)

Better Living Real Estate, LLC
15 Wall Street, #9157
Foxborough, MA 02035
O: (888) 877-8300
D: (508) 258-9658

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Comments (1)

Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Real Estate Agent, Home Stager, & Photographer

Update July 1

Mortrgage Backed Securities continue to improve. Stock market officially in "bear market" (loss of 20% or more since last high). Expect possible improvement in rates today; however, continue to watch markets.

Jul 01, 2008 01:38 AM