Professional Home Staging and Photography Blog: January 2009

The Daily Mortgage Interest Rate Lock Advisory - January 9, 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 09 2009 11:43AM
The Daily Mortgage Interest Rate Lock Advisory - January 9, 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 8, 2009
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Although the prices of Mortgage Backed Securities (MBSs) have remained relatively stable today (currently up 3/32 from yesterday's close), some lenders are repricing for the worse this afternoon. This is most likely due to the high volume of loans… more
The Daily Mortgage Interest Rate Lock Advisory - January 8, 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 7, 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 UPDATE - January 6, 2009
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Mortgage Backed Securities (MBS) prices continue to climb this afternoon. The FNMA 4. 5% coupon is up 28/32 so far today, and is at the high of today's session. We had expected rates to improve this afternoon, but that is not going to happen… more
The Daily Mortgage Interest Rate Lock Advisory - January 6, 2009
share
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 6, 2009
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Mortgage Backed Securities (MBS) prices continue to climb this morning as economic data released today show the recession deepening due to mounting unemployment, plunging home values and frozen credit markets. The FNMA 4. 5% coupon is up 15/32 so far… more
Update on the Fed's MBS Purchase Program
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As promised, the New York Fed began purchasing mortgage and student debt on Monday, January 5th, in an effort to thaw frozen credit markets and restore confidence in the economy. "This program, first announced on November 25, 2008, is… more
The Daily Mortgage Interest Rate Lock Advisory - January 5, 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
BREAKING NEWS: Feds Begin Purchasing MBS Today - Mortgage Rates Will…
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Right now, we don't know how much in Mortgage Backed Securities (MBSs) the Feds plan on buying. But, the Fed says it has started purchasing MBSs today. This is what we've been waiting for. And, MBS prices are already up more than half a point this… more