Professional Home Staging and Photography Blog: July 2008

The Daily Mortgage Interest Rate Lock Advisory - July 21, 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
  • Lock if my closing was taking place within 8 and 20 days
  • Lock 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 21 2008 11:58AM
The Daily Mortgage Interest Rate Lock Advisory - July 21, 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 Mortgage Interest Rate Lock Advisory - July 21, 2008
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Current Rates* : 30 Year Fixed - 6. 875% with 0 Points Jumbo 30 Year Fixed - 6. 75% 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 7/18/08… more
The Mortgage Minute - July 21, 2008
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Looking Back Interest rates shot up last week as the bond market suffered through a resurgence in the stock market and escalating fears of unchecked inflation. Bonds are seen as a safe haven in times of economic uncertainty, and investors… more
Foreclosure Prevention Workshop Coming to Foxboro, MA
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HOPE NOW Alliance and NeighborWorks America are organizing a Foreclosure Prevention Workshop at Gillette Stadium in Foxboro, MA on Tuesday, August 12th from 1pm to 8pm. The event is being hosted by the Federal Reserve Bank of Boston and the New… more
The Daily Mortgage Interest Rate Lock Advisory - July 18, 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 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 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 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 Lock if my closing was taking place within 8 and 20 days Float if my closing was… more
How You Can Avoid Foreclosure with an FHA Loan
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If you're in foreclosure and if you have an FHA-insured loan, did you know that you can easily stop the foreclosure process? FHA has a loss mitigation option that allows a borrower, with help from a lender, to get an interest-free loan from HUD to… more
Mortgage Market Watch - July 15, 2008
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Mortgage Commentary The dollar weakened, fuel prices rose, and the Fed kept short-term rates low. These are the ingredients for inflation. In addition, economic trends, inflationary concerns and the housing market numbers all indicate… more
The Daily Mortgage Interest Rate Lock Advisory - July 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 Lock if my closing was taking place within 8 and 20 days Float if my closing was… more