Should I Float? Should I Lock? - Daily Update for Monday, March 9, 2009

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 New York Manufacturing Index came in worse than expected signaling continued contraction in the empire state.  Production and capacity also came in lower than expected.  All 3 reports could help bonds maintain support levels.

Technically speaking - the FNMA 4.5% 30 year bond is holding near support levels.  Being able to maintain support levels will allow rates to maintain current levels.  The bond is approaching overbought levels - not seen since early January.

I am recommending to

  LOCK your 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