Professional Home Staging and Photography Blog: July 2008

The Daily Mortgage Interest Rate Lock Advisory - July 30, 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 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 0 commentsLew Corcoran, ASP® • July 30 2008 11:47AM
The Daily Mortgage Interest Rate Lock Advisory - July 30, 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 - July 29, 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
Mortgage Market Watch - July 28, 2008
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Mortgage Commentary News of rising rates was everywhere last week as inflation fears dominated the mortgage market. Equity markets have improved, and stocks have been trading higher amid inflationary reports. This is putting a lot of pressure… more
The Mortgage Interest Rate Lock Advisory - July 28, 2008
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Current Rates* : 30 Year Fixed - 6. 625% with 0 Points Jumbo 30 Year Fixed - 6. 625% with 0 Points 15 Year Fixed - 6. 5% with 0 Points FHA / VA 30 Year Fixed - 6. 875% with 0 Points *Rates and fees accurate as of 7/25/08… more
Down Payment Assistance by Sellers For FHA Loans Coming to an End
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The Senate today (Saturday, 7/26) passed the Housing Bill that was submitted by the House on Wednesday. The vote was 72 for and 13 against, and President Bush is expected to quickly sign the legislation. Among the key provisions of the bill, the… more
The Daily Mortgage Interest Rate Lock Advisory - July 25, 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 was… more
The Daily Mortgage Interest Rate Lock Advisory - July 24, 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 - July 23, 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 Lock if my closing was… more
The Daily Mortgage Interest Rate Lock Advisory - July 22, 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 Lock if my closing was… more
Mortgage Market Watch - July 21, 2008
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Mortgage Commentary Rates remained volatile last week as worries about inflation continued to influence the mortgage market. Volatility being what it is these days, mortgage rates are bouncing around quite a bit. Upward pressure for rates one… more