Mortgage interest rates have taken an unexpected downturn over the past couple weeks. If you or someone you know needs to refinance or is closing on a purchase within the next few weeks, Apply and lock now.

Market Snapshot

As stocks slide (Dow down 225 yesterday and futures down this morning), mortgage bond prices rise. The Fannie Mae bond picked up 28 basis points yesterday and is up 31 basis points already this morning.

Lock or Float?

This downturn in mortgage rates bucks the trend and is most likely an anomaly. I advice locking. The Fannie Mae bond is oversold and ripe for reversal.