Professional Home Staging and Photography Blog: December 2008

The Daily Mortgage Interest Rate Lock Advisory - December 17, 2008

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 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 any or all 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

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Comment balloon 0 commentsLew Corcoran, ASP® • December 18 2008 11:37AM
The Daily Mortgage Interest Rate Lock Advisory - December 17, 2008
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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
UPDATE to The Daily Mortgage Interest Rate Lock Advisory – December…
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TUESDAY AFTERNOON UPDATE: The Federal Open Market Committee (FOMC) meeting adjourned with an announcement that the key short-term interest rates will be in "a range" from 0% - 0. 25%. This is a record low for the benchmark Fed Funds… more
The Daily Mortgage Interest Rate Lock Advisory - December 16, 2008
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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… more
The Daily Mortgage Interest Rate Lock Advisory - December 15, 2008
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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
Why Are Lenders Now Charging a Point For the Good Rates?
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If case you haven't noticed, lenders are charging a point for the great rates on all their loans, or are getting a much higher rate for a 0 point loan. The reason is the rumor that is currently floating around indicating that the Fed is planning to… more
6th Annual Cape Cod Christmas Cavalcade for the Homeless
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The Annual Cape Cod Christmas Cavalcade for the Homeless will be on Sunday, December 21st at the Jailhouse Tavern, located at 28 West Road in Orleans, MA. All Proceeds go to the Noah Shelter of Hyannis for the homeless! The Christmas Cavalcade… more
The Daily Mortgage Interest Rate Lock Advisory - December 12, 2008
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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 - December 11, 2008
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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 - December 10, 2008
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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 Lock if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 9, 2008
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Rate Volatility Index for Today : Continued Volatility. This will be another fairly active week for mortgage rates. Maintain regular contact with your mortgage professional in case the market turns. My Lock Advice for Today : If I… more