The condominium is a great type of property. It provides the joy of ownership with minimum amount of maintenance, but it is also a type of property that strikes a bit trepidation into the heart of lenders. Think of it as the difference between running the 100-meter hurdles versus a simple 100-meter dash. You get to the end of both races, but one definitely has more complexities.
Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement.
Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.
Click here if you would like to know more or want to talk about your individual needs
This was a short week in the markets following the Independence Day weekend. Mortgage rates were, for the most part, unchanged with a minor increase over the past several days due to a rally in equities predicated on positive jobs and retail sales figures. Additionally, there has been an optimistic atmosphere on Wall Street on belief that earnings will be better in the next round of reporting and that many European banks would pass their upcoming stress tests. I have moved my recommendation to locking any loans closing in less than 15 days, but I am still recommending floating for loans further out on expectations that we are far from turning the corner on our economic woes.
Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement.
Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.
Click here if you would like to know more or want to talk about your individual needs

Tune in next week to see when Mortgage Man begins the application process with Betty Borrower.
Please contact me if you need a Mortgage Man of your own.
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