Well, when I'm wrong I'm wrong. Earlier today I recommended cautiously floating, but we've seen a deterioration in mortgage backed securities to the tune of 19 bps on the day. This is enough for lenders to possibly reprice for the worse. Probably not enough to worsen rates, but certainly enough to worsen price.
It appears that market volatility still exists. It will be interesting to see what the Fed says tomorrow and how the markets react.
My advice has changed with a recommendation to lock.
The above information was compiled from several sources that I subscribe to, including Barry Habib's Mortgage Market Guide and the Mortgage Commentary, but is mostly my opinion.
Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com . His website is http://www.pdx-mortgage.com/ . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved. His opinions do not necessarily represent the views of Equipoint Financial Network.
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I will agree with you for the next 60 day lock period but I am hedging the rates to retreat in the late summer as they have traditionally done