Professional Home Staging and Photography Blog: June 2008

The Daily Mortgage Interest Rate Lock Advisory - June 18, 2008

My Lock Advice for Today:

We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended.

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 between 8 and 20 days
  • Lock if my closing was taking place between 21 and 60 days
  • Lock 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

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Comment balloon 3 commentsLew Corcoran, ASP® • June 18 2008 12:10PM
The Daily Mortgage Interest Rate Lock Advisory - June 18, 2008
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My Lock Advice for Today: We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended. If I were… more
The Daily Mortgage Interest Rate Lock Advisory - June 17, 2008
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My Lock Advice for Today: We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended. If I were… more
Mortgage Market Watch - June 16, 2008
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Mortgage Commentary As expected, mortgage rates went up again last week. Inflation and other economic concerns permeate the bond market and keep driving mortgage rates upward. There does not seem to be any relief in sight any time soon. If… more
The Daily Mortgage Interest Rate Lock Advisory - June 16, 2008
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My Lock Advice for Today: We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended. If I were… more
The Mortgage Interest Rate Lock Advisory - June 16, 2008
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Current Rates*: 30 Year Fixed - 6. 50% with 0 Points Jumbo 30 Year Fixed - 8. 0% with 5 Points 15 Year Fixed - 6. 125% with 0 Points FHA /VA 30 Year Fixed - 6. 375% with 0 Points *Rates and fees accurate as of 6/13/08… more
The Mortgage Minute - June 16, 2008
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Looking Back Interest rates ended up at an 8 month high on news of inflation and the Fed Beige Books report on "weak economic conditions. " In other news, Pending Home Sales were up in April for the first month since last… more
First Time Home Buyer Programs May be Available in Your State
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Would you like a free gift of money to be used for the down payment and/or closing costs on the purchase of your first home? If so, I have great news for you! In most states, free money is available for first time home buyers who need help with the… more
The Daily Mortgage Interest Rate Lock Advisory - June 13, 2008
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My Lock Advice for Today: We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended. If I were… more
The Daily Mortgage Interest Rate Lock Advisory - June 12, 2008
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My Lock Advice for Today: We've had more days where rates went up and not down in the past couple of months. There is always the possibility of improvements, but floating is becoming very risky and is not recommended. If I were… more
Mortgage Market Watch - June 10, 2008
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Mortgage Commentary As expected, mortgage rates increased slightly again last week. Rates continue to be pulled up by rising inflation concerns. Most experts see this hike in rates to continue through the summer. However, rates are still… more