I am pleased to welcome Mortgage Banker Brian Cav, the creator of a mortgage blog called Smarterborrowing.com. From this point on Brian will be giving us his weekly mortgage market update which I’m sure you’ll find interesting.
Wow, what a rally we had yesterday! Mortgage pricing dropped some .25 – .375 in discount point pricing as stocks sell because of the Greek downgrade. I love these rates right now. If you are a risk taker I would FLOAT your rate but please be prepared to LOCK in asap if this market turns around. We gained back yesterday everything that we lossed on Friday, most Lenders did not price for the better on Monday so this is also why rates came down yesterday.
FLOAT or LOCK
If I was closing on a Home Mortgage in the next 0 to 15 Days – LOCK/FLOAT
If I was closing on a Home Mortgage in the next 15 to 30 Days – FLOAT
If I was closing on a Home Mortgage in the next 30 to 60 Days – FLOAT
If I was closing on a Home Mortgage in the next 60+ FLOAT
Cautiously Floating for now…
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.