Mortgage Rate Advisory - mortgagesfirst.com

Unfortunately there is no crystal ball to tell us absolutely which way rates are going to move day over day, or hour to hour for that matter. Consumers need to decide what rate best meets their financial goal, if is 4.625% then you should
lock on that, if is 4.375% you take that. Problem is most consumers get can't make up their minds because they are caught in the rate fluctuation cycle. That's why we say if a rate meets all of your financial goals then that would be the time to act. What usually winds up happening more often than not is the consumer loses out because the rate fluctuates up and it no longer falls within their acceptable goal range. That's the nature of what we call "greed risk", that is, the consumer is willing to sacrifice their goal on the presumption that something better is right around the corner, when in fact it may not be.

Work to your goals not to rates would be our best advice.

Monday’s bond market has opened in positive territory following early stock selling. The stock markets are following several international markets that posted losses during overnight trading. The Dow is currently down 188 points while the Nasdaq has fallen 51 points. This has helped push the bond market up 22/32 as investors seek safe-haven from falling stock prices. However, the impact on this morning’s mortgage rates has been fairly minimal. We will likely see little change from Friday’s morning rates due to volatility in trading late Friday.

Weekly Indices

	this week	last week
6 Month CD	0.257	0.249
1 Year T-Bill	0.407	0.406
2 Year T-Note	1.008	1.049
3 Year T-Note	1.610	1.660
5 Year T-Note	2.406	2.507
10 Year T-Note	3.465	3.567
30 Year T-Bond	4.323	4.429

Mortgage

Mortgage	this week	last week
30yr Conf Ntl Avg	5.290	5.290
15yr Conf Ntl Avg	4.680	4.680

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from 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.