Professional Home Staging and Photography Blog: October 2008

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

My Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

  • Float if my closing was taking place within 7 days
  • Float if my closing was taking place within 8 and 20 days
  • 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.

 

East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

Follow me on Google+

Comment balloon 0 commentsLew Corcoran, ASP® • October 30 2008 11:59AM
The Daily Mortgage Interest Rate Lock Advisory - October 30, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Float if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my… more
The Daily Mortgage Interest Rate Lock Advisory - October 29, 2008
share
Update : The Fed cuts the federal funds rate - the overnight rate at which banks loan to one another - to 1. 0% as expected. The Fed also lowered the discount rate a half point to 1. 25%. The discount rate is the interest rate charged to… more
The Daily Mortgage Interest Rate Lock Advisory - October 29, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Float if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - October 28, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - October 27, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - October 24, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - October 23, 2008
share
My Lock Advice for Today: If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - October 22, 2008
share
My Lock Advice for Today: Overall, I am expecting to see a fairly quiet week for mortgage rates, assuming the stock markets are not wild again. However, just because it is a light week in terms of economic news, we should not let our guard… more
The Daily Mortgage Interest Rate Lock Advisory - October 21, 2008
share
My Lock Advice for Today: Overall, I am expecting to see a fairly quiet week for mortgage rates, assuming the stock markets are not wild again. The most important day will likely turn out to be today. However, just because it is a light week… more
The Daily Mortgage Interest Rate Lock Advisory - October 20, 2008
share
My Lock Advice for Today: Overall, I am expecting to see a fairly quiet week for mortgage rates, assuming the stock markets are not wild again. The most important day will likely turn out to be today. However, just because it is a light week… more