Here are the daily thoughts on floating or locking if you are asked by your clients.
As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.
The Jobless Claims report came out this morning essentially in line with expectations. The big news of the day came out at 10 AM when the Philadelphia Index came in quite a bit lower than expected. This leads to the continued thought that a recession, while perhaps not imminent, is certainly still in the cards. And as the various leaders of the Fed have said - perhaps the economy is slowing way down.
Technically speaking - the FNMA 5.5% 30 year bond bounced off the 200 day moving average yesterday. Today is has continued to gain the ground it lost in the latter part of last week and the early part of this week. Since bonds are oversold, this is a good sign for bonds to continue to upswing and rates continue to fall.
This is a great opportunity to
Lock Float.
To learn why one should Float or Lock -
Check out Should I float? Should I lock? & Reasons to Float or Lock
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This is the kind of information that makes me a better agent.
Thanks for the post.
Live good. Be happy.
-Mimi
Great post thank you very much.
Matthew, Great names always think a like..ha ha. I agree with you.. Lock in now and be safe. Don't gamble
Good catch, Michelle. I forgot to change the Lock to a Float. All indications should have been and remain to float.