I am pleased to once again welcome Mortgage Banker Brian Cav, the creator of a mortgage blog called Smarterborrowing.com. Here’s his weekly mortgage market update, which I’m sure you’ll find interesting.
Mortgage Rates had been on a perfect run until yesterday, now for some reason they are not following the MBS market. You can still get LOCKed in right now at all-time low rates but it may cost you an additional .125 or .25 of discounts points to get them. The positive news in the Mortgage and Real Estate Industry is the demand for refinancing applications is up over the past month or two. The Housing Market continues to get bad news after the Homebuyer Tax Credit expired in April. If you are FLOATing your rate now and closing on a purchase or refinancing within the next 30 days I would lock it in soon.
Inquire within for current Mortgage Rates or guidelines bc@SmarterBorrowing.com 617.771.5021
FLOAT or LOCK
If I was closing on a Home Mortgage in the next 0 to 15 Days – LOCK
If I was closing on a Home Mortgage in the next 15 to 30 Days – LOCK
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
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.