Daily Mortgage Rate Commentary

Wow, got here today fired up to work and tightened up some “business bolts”, and submitted some refinance files, all the while checking on my always reliable Mortgage Interest Commentary Site for advice, and I’m thinking now here at 10:47am, he took off early for New Years. Maybe I should be home with the family…except they have stomach viruses and I better enjoy my coming hours because with a 3 year old and a 1 year old, it’s gonna pass it’s way to me for sure and only in time will I be on bed rest too. YUCK!
So here is today’s commentary, straight from the horse’s (Brad’s) mouth.
At the time that I looked at our stock market ticker, the DOW was up 140.5 and the NASDAQ was also up 31.39. Typically that would mean that Bonds are probably not as strong at first blush. On the other hand, I would have expected the stock market to be very shaky today with the December Consumer Confidence Index report coming back so poorly. Read it here on Forbes…it’s well written and you don’t have to be a stock broker to understand it here, so do it. You’ll be glad you took the extra 1.5 mintues. The expectations were much worse than expected. Yesterday, Moving.com said, “Current forecasts are calling for a minor increase confidence from November’s reading of 44.9. Analysts are expecting tomorrow’s release to show a reading of 45.2,” but instead of a small rise, it sank to 29.4. Friends, as I continue to read these reports and stay close to the market conditions in hopes to better advise my clients, I become more and more afraid of what our country and it’s economy is running into.
Rates worsened a little bit today and the 30 year fixed conventional is sitting at 5.125% today, while the FHA 30 year fixed is at an even 5%.
If you are looking to close on a home loan in 1 week to 60 or even 90 days, DON’T BE GREEDY, lock your loan and be done with it…is my advice. If you have further to wait, make today’s mark a note on your calendar to refer back to and if you get .375% better between now and the next 90 days, figure a way out to lock it.