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 Empire Index released this morning showed manufacturing in NY to be lower than last month but not as bad as expected. Don't necessarily take this as a good thing. Global markets are appreciating the fact the Bush Administration is overriding what the elected officials have decided. Markets are up on a possible bailout of the automakers by using the money intended for mortgage bailouts.
Technically speaking - the FNMA 5.0% 30 year bond closed higher on Friday - though still trapped in a very tight trading range. With bonds heading back into the overbought range this will prove more difficult.
I am recommending to
LOCK your mortgage rate (until bonds close above the 3 year mark).
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
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