Professional Home Staging and Photography Blog: January 2009

The Daily Mortgage Interest Rate Lock Advisory - January 16, 2009

My Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

  • Float 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 1 commentLew Corcoran, ASP® • January 16 2009 11:44AM
The Daily Mortgage Interest Rate Lock Advisory - January 16, 2009
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Float 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
RATE ALERT - January 16, 2009
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Prices of Mortgage Backed Securities (MBSs) are lower this morning as the Fed's efforts to bail out Bank of America stimulated demand for riskier assets. Stocks opened higher while Treasuries and MBSs sold off. The Consumer Price Index (CPI) fell in… more
Rates for 30-Year Fixed Mortgages Drop to Historic Lows
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Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971. The average rate for a 30-year fixed-rate currently stands at 4. 96% with an… more
RATE ALERT – January 15, 2009
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Mortgage Backed Securities (MBS) are trading lower this morning with the 30 Year FNMA 4. 5% coupon down 4/32 and at the low of the session. The producer wholesale prices fell last month as demand for raw materials dropped. Meanwhile, jobless… more
The Daily Mortgage Interest Rate Lock Advisory - January 15, 2009
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Float 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 Alert - January 14, 2009
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As the January Mortgage Backed Securities (MBS) coupons are no longer open for trade, we should begin to see the disconnect between MBS prices and lenders' rate sheets diminish as their funding lines are replenished. However, the Fed remains at the… more
The Daily Mortgage Interest Rate Lock Advisory - January 14, 2009
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Float 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 - January 13, 2009
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Float 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
Market Watch Update - January 12, 2009
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The number of applications for refinancing existing mortgages is rising as interest rates are falling. Mortgage applications have risen to a 5 year high. According to the Mortgage Bankers Association, the index of applications to purchase a home or… more
The Daily Mortgage Interest Rate Lock Advisory - January 12, 2009
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Float 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