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.
This morning the Retail Sales report came out with a mixed bag. All sales was actually a 1/10% higher than expected, where as the less volatile report that doesn't include auto sales was lower by 1/10%. This couple with what appears to be a very weak start to Wall Street due to banking concerns could lead to a better start for bonds.
Technically speaking - the FNMA 5.5% 30 year bond has bounced back into a narrow trading range. If stocks actually tank today, a significant rise could occur.
As always, things depend on your personal style. Pundits will be recommending to float - though for me until the current 2 1/2 year ceiling is broken 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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Thank you for the update. I am meeting new clients this evening, and I will encourage them not to sit on the fence, to get their loan started asap.
Kathryn - yes, now is a great time to buy!
Once again - I totally agree. Revisions to these numbers seem inevitable.
Matthew, you are in MD I am in CA. That would be a lot of drama for one loan. Most clients like to be able to meet their Loan Officer face-to-face. Thanks for the offer anyway.
I agree as well. Rates are incredibly low right now so it would be much safer for a buyer to lock their rates than take the risk.