Redding's Ups and Downs

©Mortgage Commentary 2009

The following is presented by ©Mortgage Commentary 2009, and is not my opinion nor is it guaranteed to be in the best interest of all/any other borrowers by ©Mortgage Commentary 2009. But I do find it fascinating to watch the daily advisory.

“Friday's bond market has opened down sharply following stronger than expected housing news and a strong opening for stocks. The Dow is currently up 123 points while the Nasdaq has gained 23 points. The bond market is currently down 16/32, but not expecting to see much of a change in this morning's mortgage rates due to strength in bonds late yesterday. This morning's losses should simply erase yesterday's afternoon gains, keeping mortgage pricing near yesterday's morning levels.

The National Association of Realtors reported this morning that home resales rose 7.2% last month. This was nearly triple the increase in sales that was expected, indicating that the housing sector may be strengthening at a quicker pace than many had thought...

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... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now.”