Should I float? Should I lock? - Daily Update for Friday, October 3, 2008

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.

Here's a surprise. All week folk were looking for the jobs report to be this number that is really going to help out bonds. Well, the reports are out and it looks like the pundits were right and wrong. Unemployment stayed at 6.1% but payrolls fell by a significant number.

Technically speaking - the FNMA 5.5% 30 year bond are hovering in a tight little trading zone right now. Bonds are also heading toward an oversold state right now. This will help when the inevitable bull run next occurs.

Until current 3 year highs are broken in a significant manner, I am recommending to

LOCK your mortgage rate.

To learn why one should Float or Lock -

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