Rates May Tick Up After Wed & Thu Record Lows - LOCKThe Fannie Mae 30 year fixed mortgage bond closed -12 basis points on Thursday backing off overhead resistence from the record low close on 7 October 2010. The bond is up just 3 basis points this morning as stocks move sideways. Mortgage interest rates have tested historical best levels and have fallen back.
Lock or Float?
If you've been considering purchasing or refinancing NOW is the time to lock. Interest rates are at new record lows but bond volume is starting to wane indicating that rates will begin to inch up so my advice is to Apply and lock to take advantage of these new historic lows. Remember, we can only lock pre-approved loans so the first step is to apply online.
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