Mortgage rates rose at a faster pace than recent movements after today's ADP data fueled fears for tomorrow's NFP report. The NFP, which will be released early this week, due to the 4th of July holiday, is one of the most important pieces of data that influences mortgage rates throughout the month.
Blue Home Loans explains that with rates worsening over the last few sessions going into the NFP report, it would be wise for those who have not locked yet to do so now. Only those who have a fairly high risk tolerance should consider floating, because all signs point to higher rates for this month. Of course, this could be just a temporary shift upwards, but if the NFP report outperforms tomorrow, this is probably not going to be the case. Because of this, those who have not locked in yet should think about doing so right away. This is especially pertinent for those who are near to closing, as they may not get another chance for rates to go down before they close on their loan. Those who have not started their loan process yet can avoid higher mortgage rates by locking in on application, preferably with a lender that allows for renegotiation, so that they will have their options open in the even that rates go back down any time before their loan closes.
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Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rates-nfp-report/prweb11994930.htm
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