Professional Home Staging and Photography Blog: February 2009

The Daily Mortgage Interest Rate Lock Advisory – February 17, 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 30 days
  • Float if my closing was taking place between 31 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 the qualification requirements from mortgage program to mortgage program. If you like the rate today, then the safe bet is to lock in. Even if rates improve, most likely they won't improve enough in the short term to make you cry about it. But if you are an ardent market bear and believe that we'll keep hearing more bad economic for a while, and you have the money to risk, then you may benefit from floating. Just remember, it always seems more painful to have not locked when you should have as opposed to locking in now and 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® • February 17 2009 11:39AM
The Daily Mortgage Interest Rate Lock Advisory – February 17, 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 30 days Float if my closing… more
Mortgage Market Update - February 10, 2009
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Prices of Mortgage Backed Securities (MBSs) prices spiked higher (yields and mortgage rates lower) at the opening bell this morning and continues the rally that started last yesterday afternoon. MBS prices rose on speculation the Fed will begin… more
The Daily Mortgage Interest Rate Lock Advisory - February 10, 2009
share
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 30 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - February 9, 2009
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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 30 days Float if my closing… more
Mortgage Market Update - February 9, 2009
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Prices of Mortgage Backed Securities (MBSs) are nearly unchanged this morning while Treasuries are down 13/32 as traders brace for a record $67 billion in new supply of Treasuries. The 30-Year FNMA 4. 5% coupon is currently up 1/32. Meanwhile, stocks… more
Mortgage Market Update - February 6, 2009
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Mortgage Backed Securities (MBSs) opened lower after the release of January employment report showed that another 598, 000 jobs were lost, and the jobless rate rose to 7. 6%. Bond traders are now returning their focus to the $67 billion of new… more
The Daily Mortgage Interest Rate Lock Advisory - February 6, 2009
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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 30 days Float if my closing… more
Mortgage Market Update - February 5, 2009
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Mortgage Backed Securities (MBSs) continued their volatile trading today. MBS prices are higher (rates lower) this morning as traders focus more on the acceleration of job losses than on the flood of new supply of bonds that is overwhelming demand… more
The Daily Mortgage Interest Rate Lock Advisory - February 5, 2009
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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 30 days Float if my closing… more
Mortgage Market Update - February 4, 2009
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After the sell-off in Mortgage Backed Securities (MBS) yesterday, and after the release of the ISM data this morning which showed an improvement in services, construction and financial industries, mortgage pricing and yields have stabilized pretty… more