Professional Home Staging and Photography Blog: July 2008

The Mortgage Interest Rate Lock Advisory - July 14, 2008

Current Rates*:

  • 30 Year Fixed - 6.5% with 0 Points
  • Jumbo 30 Year Fixed - 6.75% with 0 Points
  • 15 Year Fixed - 6.25% with 0 Points
  • FHA / VA 30 Year Fixed - 6.5% with 0 Points

    *Rates and fees accurate as of 7/11/08. Rates and fees subject to change without notice.  This is not an advertisement for the purposes of the Truth-in-Lending Act or Regulation-Z. Terms and conditions apply. For qualified borrowers. Not a promise to lend.

Please keep in mind that the quotes above are generalized. For specific quotes or to get quotes on a variety of other mortgage programs, please give me a call.

My Lock Advice:

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
  • 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 14 2008 06:45AM
The Mortgage Interest Rate Lock Advisory - July 14, 2008
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