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.
Consumer Price Index came in at levels analysts expected. Housing starts plummeted to 17 year lows while permits also fell more than expected. While capacity utilization fell slightly, Production rose slightly.
What does all this mean - if we are not currently in a recession, then a major slowdown is in the works. In other words - DUH.
Technically speaking - the FNMA 5.5% 30 year bond has fallen down to another major support level of the 50 day and 100 day moving average. The in-line numbers of the CPI have helped the bond bounce off of these levels.
This is definitely the time 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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Mathew - This is certainly the time to have a good mortgage professional in your corner, I am sure consumers appreciate you keeping them informed on what actions should be taken.