Should I Float? Should I Lock? - Daily Update for Wednesday, August 4, 2009

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 national employment/payroll company ADP reported a decline in payrolls for last month - though not as bad as June it was still worse than analysts had expected. The services index (non manufacturing)finding for last month fell below the previous month's reading as well as analyst expectations.

Technically speaking - the FNMA 4.5% 30 year bond is just below the 200 day moving average. It is currently heading towards oversold status.

I am recommending to

LOCK your best mortgage rate.

To learn why one should Float or Lock -

Check out Should I float? Should I lock? & Reasons to Float or Lock

To obtain rates and fees with a $500 guarantee - come visit