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.
We are still a day from any regular scheduled economic reports. Therefore bonds will be taking some direction from stocks today.
Technically speaking - the FNMA 5.5% 30 year bond bounced above the 50 day and 100 day moving average yesterday. This morning the bond dropped down to test the 100 day moving average (currently higher than the 50 day by 13 basis points (bps). The bond has currently rebounded from the 100 day but an eye will be kept on it throughout the day to insure positive news.
Take advantage of what happened yesterday and
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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