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.
No big news due out today. The Federal Reserve is attempting to promote liquidity in the market place by lending more money to banks and other financial institutions. Unfortunately, it's all a waiting game and seeing how everyone will react (or who blinks first).
Technically speaking - the FNMA 5.5% 30 year bond gained little ground yesterday. It bumped up against the 10 day moving average and fell to the 200 day moving average. If you like roller coasters then this is the market for you.
However I do not like the wild ride so I'm going to still recommend that one
Lock your interest rate.
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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Lock and load het Matt. This really is a wild ride and one needs to hold on.
Thanks ...mortgage backed securities are up 9 today.....I hope that we get a better bump and break through that moving average.
That bump may end up happening. The influx of cash from the Fed has increased the desirability of mortgage backed securities.