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.
That "new fangled" report coming out yesterday? Well, they were a bit off. Jobless claims came in more than 10% higher than expected. This is good news for bonds. At 10 AM, the Services Index is released - if this is way off the mark I will update this post.
Technically speaking - the FNMA 5.5% 30 year bond bounced of the 50 day moving average despite the "bad news" from the ADP report. This mornings better news has given rates another boost. 2 tough resistance levels are not to far away.
As always, things depend on your personal style. Pundits will be recommending to float though for me until we break above the current 2 1/2 year ceiling I am recommending to
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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Love the graphics! I agree - too much volatility.
Eleanor - thanks
Josh - Sorry, just know about American Mortgages. For hedge risks and such, I would recommend someone else.
Matthew - Your updates are top notch. I also just noticed that you have dozens of different "lock" graphics, very cool!
Penny - Thanks for the kudos